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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.
If your startup expenditures actually result in an up-and-running business, you can: 1  deduct a portion of the costs in the first year and. 2  amortize the remaining costs (that is, deduct them in equal installments) over a period of 180 months, beginning with the month in which your business opens.owever,you can't deduct these expenses under the general rules for business deductions because only expenses for an existing trade or business can be deducted. And, by definition, you incur your startup expenses prior to the time that your business is born. Fortunately, there is a way around this dilemma.