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Deducting Start-Up and Organizational Costs

Based on U.S. Census Bureau data for business applications, new business formation is on the uptick. The pandemic forced many business closures, but this data show the entrepreneurial spirit will not be stifled. If you’re thinking of starting a business now, recognize that it may be costly to get started and some time before you begin to bring in revenue. From a tax perspective, how do you handle start-up and organizational costs…what can you deduct and when?

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