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Video Tips: Tax Rules for Deducting New Business Start-Up Expenses
Published June 24, 2024
Starting a new business involves various costs, many of which can be deducted to reduce your taxable income. Normally, the costs of starting a business must be amortized (deducted ratably) over 15 years. However, you can elect to deduct up to $5,000 of start-up expenses and $5,000 of organizational expenses in the first year.
