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Need Some Deductions for 2011?
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Updated for 2011
Small Business Deductions: Startup Costs
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How to Make the Election to Deduct Start-up Costs and Organizational Costs
You elect to deduct start-up costs or organizational costs by claiming the deduction on the income tax return (filed by the due date, including extensions) for the tax year in which the active trade or business begins.
If you timely filed your return without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions).
Clearly indicate the election on your amended return and write the following:
- Filed pursuant to section 301.9100-2
The election applies when computing taxable income for the current tax year and all subsequent years.
Next:
Start-up and Organizational Costs: How to Deduct Start-up Costs and Organizational Costs
Related Links
- What Are start-up Costs?
- Qualifying start-up Costs
- Two Categories of start-up Costs
- Purchasing an Active Trade or Business
- Costs of Not Going Into Business
- What are organizational Costs?
- Start-up Costs versus Organizational Costs
- Qualifying Organizational Costs
- Nonqualifying Organizational Costs
- How to Claim start-up and Organizational Costs
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