Blog for John Sweeney - Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Lawyer in CT and NY

Tax Deductibility of Start Up Costs

Posted by John Sweeney | Apr 03, 2015 | 0 Comments

People often want to know if the expenses in starting up a business are tax deductible.  The answer is that they amortizable (that means deduct over 15 years) unless there is a special provision which allows you to deduct them faster. 

Fortunately, there is special provision which allows small businesses to deduct up to $5,000 of start-up expenses.

However, this is a small business targeted deduction so there are limitations on the tax deduction.  Generally, if the expenses are $50,000 or less, you deduct up to $5,000 in the first year, plus you can amortize the balance over 180 months.

For more information, see John Sweeney's website.

About the Author

John Sweeney

John is an experienced lawyer who helps you solve your problems. He practices Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Law in Fairfield County CT and Westchester County New York. He brings a wealth of experience in law, business, tax, insurance, and finance to arrive at practical solutions with compassion and care. Honest, direct and practical, he is focused on you and your problems. He also brings a wealth of personal experience from his own large family and aging parents.


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Elder, Wills, Estates, Trusts, Special Needs Tax & Business Law; Attorney John Sweeney

Sweeney Legal, LLC, provides legal, practical, and business counsel to Seniors, families, and businesses in the Fairfield, Connecticut area, including the communities of Bridgeport, Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton. John is also licensed in New York serving Westchester County including the towns of Bedford, Lewisboro, Mount Kisco, North Salem, Pound Ridge, and Somers.