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Get Ready, Set … Start Your Business

A new business can take advantage of a special tax election for start-up expenses. Instead of amortizing expenses over a 15-year period, you can currently deduct up to $5,000 of your qualified expenses.

However, proper timing is essential. For instance, the election must be made for the year in which the business begins. In a new case, a taxpayer deducted start-up expenses in the following year without any authority for doing so. The Tax Court had no choice but to deny the current deduction. Consult with a tax professional on the timing of start-up expenses.

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