Starting a new business is exciting, but it can also be
incredibly challenging and expensive! Fortunately, though, there are a lot of
business deductions available that can really help all those start-ups out
there to save money and to get through those first few years.
The most common types of tax deductions that can benefit start-ups are those that apply to “ordinary” and “necessary” business expenses,
simply meaning costs incurred that any other business in the same industry
would also incur. Some items that fit this description and that qualify for
deductions include:
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Equipment purchased for normal operation
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Home offices
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Transportation expenses incurred traveling from
one business location to the next
For true start-ups that don’t even have these types of
expenses yet, there are still deductions available. In fact, many of the costs
that are associated with starting a business can be deduced through
amortization, such as:
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The costs of a business property
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The cost of researching a business site/location
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The costs of market research
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The costs of product analysis
Of course, as is always the case with the IRS, there are
certain restrictions and eligibility requirements attached to each possible
deduction, so don’t just assume you qualify for something without doing your
research.
With that said, though, the absolute best way to ensure that
your blooming business gets all of the deductions for which it can qualify and
that it comes out on top is to hire a professional financial adviser who can
help walk you through the process and get your business off the ground and
running.