business may elect to deduct a limited of startup costs in the year the business begins...

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business may elect to deduct a limited of startup costs in the year the business begins...

business may elect to deduct a limited of startup costs in the year the business begins what is the maximum amount on the current tax year

business accounting

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Answer 1

Answer #1

Answer:

The maximum amount business may deduct startup costs in the year the business begins is = $5,000

If the start cost if more than $50,000, then deduction limit for first year is reduced by the amount of start-up costs exceeding $50,000.

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business may elect to deduct a limited of startup costs in the year the business begins...

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