2016-11-23 00:00:00 Taxes English Simplify the process of tracking startup costs and expenses to maximize tax deductions for your new business. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214800/record-shop-startup-opens-for-first-day.jpg Tips for Tracking and Deducting Startup Costs

Tips for Tracking and Deducting Startup Costs

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Startup costs are reasonable business expenses incurred before a company is officially in business. These costs may include office space, furniture, market research, consulting fees, equipment, and similar business-related purchases. If you’re thinking about starting a new business, adopt an expense-tracking system now, and use it to record and manage all of the company’s receipts, before and after the first day of business.

Consider a mobile app, such as Xpenditure or IQBoxy Expenses, to digitize receipts and simplify tracking. For tax purposes, business purchases made before your company’s start date qualify as startup costs, and those made after that date are usually written off as business expenses.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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