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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.
A taxpayer may choose to forgo the deemed election by clearly electing to capitalize its start-up and/or organizational expenses on a timely filed federal income tax return (including extensions) for the taxable year in which the taxpayer begins business. The election to capitalize start-up and/or organizational expenses is made in accordance with the form and instructions used by the taxpayer to file its federal income tax return.