According to the IRS, there are three categories of start-up expenses eligible for deductions: expenses for creating your business, expenses for launching your business, and expenses for organizing your business. Each category consists of different types of costs, including the following:
Creating your business: These expenses include activities associated with researching your business concept and finding a location. Expenses in this category might include consumer surveys, feasibility studies, market research, and travel expenses to potential business sites.
Launching your business: These are costs incurred while getting your business up and running and include things like recruitment and training your team, selecting vendors, advertising, and professional fees, like our legal fees.
Organizing your business: You can write off costs associated with creating your business entity, which might include filing fees, legal fees, accounting fees, and expenses for holding organizational meetings.
We can help you identify and allocate your startup expenses to maximize the tax savings available to your new business.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com