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QUESTION DETAIL
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Votes
If you start a business in one year and had no income but a number of expenses during the start-up phase, can you save those expenses for the next year when you will have income to offset that income?
ANSWER
The BIDaWIZ Team's Answer:
Yes; you may deduct the "start-up" expenses, once the business
begins generating income. You may deduct the first $5,000; any
excess, must be amortized over 180 months. See IRC 195(b).
