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1. Know the money limits on what you can deduct on your business's taxes. The IRS allows you to deduct up to $5,000 or your actual startup costs (whichever is less), and $5,000 in organizational costs in the first year, whichever amount is less.owever, if your costs exceed $50,000, your deduction will be reduced by the amount you go over. If your start-up expenses exceed $55,000, you wonât be able to claim the $5,000 deduction for the first year. 1  For example, if start-up or organizational costs are $51,000, your deduction is reduced to $4,000.
Starting a Business. Legal and accounting fees that you pay to start a business are deductible only as business start-up expenses. You can deduct $5,000 of start-up expenses the first year youâre in business and any excess amounts over 180 months.The same holds true for incorporation fees or fees that you pay to form a partnership or LLC.tarting a Business. Legal and accounting fees that you pay to start a business are deductible only as business start-up expenses. You can deduct $5,000 of start-up expenses the first year youâre in business and any excess amounts over 180 months.