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How to Take the Deductions. The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less.If your startup costs for either area exceed $50,000, the amount of your allowable deduction will be reduced by that dollar amount.ow to Take the Deductions. The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, but only if your total startup costs are $50,000 or less.
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.