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| *Ostroff, Fair and Company>>>United States Taxes |
My business made no income this year just startup expenses, can I claim everything next year? |
Can I claim all of my startup next year or is it better to claim startup expenses now and don't worry about the business not making any money? myggdragon@yahoo.com is the email if someone could help me please????? You cannot claim them next year. Start-up costs are supposed to be capitalized and amortized over 15 years. However you can elect to expense up to $5,000 of your costs in your first year of business, with the remainder amortized. You would need to file Form 4562 with your tax return. Here is more information about start-up costs and amortization: http://www.irs.gov/publications/p535/ch0... You can claim the startup expenses as a loss this year up to $3000, and carry over the rest until next year. |
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