Hey ALL, this credit is for you if you started your business in 2018. Startup costs are the costs you incurred and you made to physically start or open your business, including research, marketing and advertising, employee training and professional fees associated with establishing your business structure and organization.⠀⠀⠀⠀⠀⠀⠀⠀⠀
If your total startup costs are no more than $50,000, you may deduct $5,000 in business costs and $5,000 in organizational costs. If your costs were between $50,000 to $55,000, your correlating deduction is lowered. And, if your costs were greater than $55,000, you don’t qualify for this deduction. This tax deduction must be claimed the tax year that your business opens.