08-23-2023, 09:58 PM
Hello, me and my partner here in the U.S. just started our salon business and piled up some expenses leading up to opening. The expenses include bowls, chairs, some salon furnishings, hair and nail supplies, etc. I know there's a thing called "start-up" costs that can reduce taxable business income. Does anyone know if I would include all these expenses as "start up" costs? Think there's a $5,000.00 limit that can be expensed while the excess would have to be amortized. These expenses actually go back to early 2022....wasn't sure if there's a time limit. Thanks in advance.