Start up cost deduction with zero income

Forum|Forum|3 years ago
July 7, 2023
4 replies
16 views

Hi Hi, my client opened up a start-up company last year. The business has zero income but incurred around $30k in expenses. Will it make any difference to his tax return if we select to take the $5000 start-up cost deduction?

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Best answer by Accountant-Man

Read IRC section 195.

George4Tacks

Level 15

That sounds like a really good question for them to present to their tax professional. That person will have the complete picture of all of the aspects of the tax return.

Answers are easy. Questions are hard!