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Anyone who grew up having water balloon fights knows that only 10% of the time is actually spent throwing water balloons. The other 90% is spent painstakingly filling them up, one at a time.
That’s how it feels starting a new business. Just replace brightly colored water balloons with accountants, realtors, attorneys, suppliers, and a mounting pile of bills.
Luckily, these startup costs come in handy when it’s time to file your business taxes for the first time. Sometimes, you can even deduct them before you have any income! In this video, we’ll show you how — and let you know which costs you can write off.
TIMESTAMPS
0:00 - Intro
1:02 - What is a startup cost?
1:33 - When can you start writing off your startup costs?
2:50 - What startup costs can you write off?
4:00 - What can’t you write off as a startup cost?
4:43 - How to write off your startup costs
5:40 - What happens if your business folds?
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MORE ON STARTUP COSTS
How to Claim Startup Costs for Your Business: [ Ссылка ]
Can You File Your Own Business Taxes?: [ Ссылка ]
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OTHER VIDEOS TO WATCH
Standard Deduction vs Itemizing for Freelancers: [ Ссылка ]
Behind on Your Taxes? [ Ссылка ]
Tax Write-Offs Explained: [ Ссылка ]
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COMMON TAX WRITE-OFFS
For designers: [ Ссылка ]
For real estate agents: [ Ссылка ]
For child care providers: [ Ссылка ]
For consultants: [ Ссылка ]
And more: [ Ссылка ]
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FREE TAX RESOURCES
1099 Tax Calculator: [ Ссылка ]
How Much Should I Set Aside for Taxes? [ Ссылка ]
Quarterly Tax Calculator: [ Ссылка ]
Income Tax Calculator: [ Ссылка ]
