Top Trending: 5 Best Online Businesses to Start This Year (Infographic)

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?
  • ---Shares
Generally, your startup costs are deductible, even if you don't make sales or turn a profit immediately. However, the time frame for deducting expenses (and the amount you can deduct) can depend on the form of legal entity you have chosen. This really is a tax question, and you should be sure to speak to an accountant who understands small business tax issues.
OK

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.