Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.
Can you deduct startup costs for a business that had no sales until the next year?
We started a business in 2007 but didn't start selling our product until 2008. Are the 2007 startup costs deductible on our 2007 taxes?