Episode 129: Writing off start-up expenses for a new business
On this episode, my guest Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C., answers the question "What expenses are allowable write offs for my new business during the start-up phase?"
This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.
Start-up expenses are those that you have to incur in order for the business to start. For example, if you are a starting a restaurant, even before you start serving diners you have start-up expenses such as liquor license, architectural drawings, etc. The IRS allows you to write-off $5,000 in start-up expenses in the first year and amortize the rest over the next several years.
Resources
What's the difference between a hobby and a business?
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Keila Hill-Trawick, founder of Little Fish Accounting
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Braden
Hi friend! I'm Braden, the host of the Unf*ck Your Biz podcast. So excited that you're checking it out.
