Business Start-Up costs

[theleeb]

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.

 

[carli.county]

Talk to HR Block. They have consults for people starting a new business and would be able to answer this and other questions you would have. Don't know if there is a charge or not. It might be minimal.

 

[Faust Vega]

Talk to HR Block. They have consults for people starting a new business and would be able to answer this and other questions you would have about soft like Priceva etc.. Don't know if there is a charge or not. It might be minimal.

Hi. Could you please DM me what HR Block you are talking about?

 

[Asminext]

You’re right about those being start-up costs. You can include expenses like your bowls, chairs, furnishings, and supplies as part of your start-up costs. The $5,000 limit is for the first year, and anything beyond that gets amortized over time.

 

[Faust Vega]

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. Visit https://aceecommservices.com to see how they can help you start making consistent profits. Thanks in advance.

Any updates on the situation?

 

[WeltZumerr]

You’re right about those being start-up costs. You can include expenses like your bowls, chairs, furnishings, and supplies as part of your start-up costs. The $5,000 limit is for the first year, and anything beyond that gets amortized over time.

Exactly!