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Are startup costs for a business tax deductible?
I know they are deductible if the taxpayer is already engaged in the business, but what if you spend $55,000 exploring the feasibility of starting a company in 2018? You are technically not engaged in the business, and its not "acquired"
3 Answers
- ?Lv 72 years ago
Feasibility expenses are not start up expenses. Unfortunately, the expenses that were deductible, were part of the now gone 2% section of schedule a.
- jimanddottaylorLv 72 years ago
Yes you are engaged in the research and development stage of the business. And there will be capital cost allowances for things you bought for this possible future business.
- Anonymous2 years ago
Possibly not
