You just started a business and wonder what you can write off?
Good news! Expenses paid or incurred in 2021 are allowed as a current deduction in the year the active trade or business begins, up to $5,000 for organizational costs and $5,000 for start-up costs. Organizational costs are costs incurred to create a business entity. Start-up costs are expenses paid for the creation of an active trade before the day on which the active trade or business begins. If you spend more than $5,000, it would be considered amortized expenses written off over 180 months. Have questions on how to save more on taxes for your business? Please do not hesitate to call us at (832) 295-3353 to schedule a tax planning introduction meeting. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.