How to write off your startup costs
From the Microsoft Small Business Site.
Once you open your business and start generating revenues, you can write off many of those initial startup costs at tax time.
But there is bad news too. The rules for taking advantage of these deductions are not as straightforward as they are for your business’s ongoing expenses.
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By Joseph Anthony But what about those expenses you rack up before your business even opens its doors? There is good news here, and it has nothing to do with saving money on car insurance. Once you open your business and start generating revenues, you can write off many of those initial startup costs at tax time. But there is bad news too. The rules for taking advantage of these deductions are not as straightforward as they are for your business’s ongoing expenses. Here are six steps to getting deductions for your pre-opening business costs. 1. |
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