Hi Hi, my client opened up a start-up company last year. The business has zero income but incurred around $30k in expenses. Will it make any difference to his tax return if we select to take the $5000 start-up cost deduction?
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Read IRC section 195.
That sounds like a really good question for them to present to their tax professional. That person will have the complete picture of all of the aspects of the tax return.
Read IRC section 195.
thanks everyone for your reply. Yeah... they started their business last year and are in the R&D stage of the business.
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