Forums: Discussions for entrepreneurs and small business.

Yes!!!  There are lots of tax breaks for start up businesses.  Do you have mileage?  Advertising?  Business cards?  Dinner?  Equipment?  Did you run the business out of your home?  There are other tax breaks for businesses.  Check with your tax person.  They should know.  I would also recommend a book by Ronald Mueller named It`s How Much You Keep That Counts. 

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Natalie Berrett
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Gina L. Gwozdz, CPA
http://GLGcpa.com
http://TaxTreasures.com

It is important to make a distinction between startup expenses and current business deductions.
If you have not actually (or virtually) "opened the doors" to customers, than most of your expenses will be considered start up costs, and must be amortized after the business starts.

I think it is always a good idea for new businesses to consult with a qualified tax adviser at least once.  A good tax person will not only prepare your tax forms for you, but teach you what you need to do to use the tax laws to legally minimize your taxes.

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Warmest regards, Patricia Masters, EA EA = Enrolled Agent = only tax professionals who receive their license to represent taxpayers (you) before the IRS from the U.S. Treasury.