Can I deduct startup costs?
An example of an AI chatbot conversation about deducting startup costs for taxes.
Can I deduct my startup costs on my taxes?
Yes, you can deduct certain startup costs, but there are specific rules to follow.
What types of expenses can I deduct?
You can deduct expenses like market research, advertising, and professional fees.
Is there a limit to how much I can deduct?
Yes, you can deduct up to $5,000 in the first year if your total startup costs are $50,000 or less.
What if my startup costs exceed $50,000?
If your costs exceed $50,000, the excess can be amortized over 15 years.
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