Before explaining how the IRS just made your life easier, let’s briefly review what defines a “start-up expense.” Basically, a start-up expense is an expense that would not be deductible without this special tax break which allows you to deduct both your “thinking about getting into business expenses” and your “getting your business started expenses.”
You probably had not thought about deducting your “thinking about getting into” business expenses. Most people don’t. But in the start-up classification, the “thinking about it” expenses qualify.
If you started a business during the last three years, ask yourself these questions: Before beginning the ... Log in to view full article.