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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.
How to make the election. You elect to deduct exploration costs by taking the deduction on your income tax return, or on an amended income tax return, for the first tax year for which you wish to deduct the costs paid or incurred during the tax year.or more information on start-up and organizational costs, see chapter 8. How to make the election. You elect to deduct the start-up or organizational costs by claiming the deduction on your income tax return (filed by the due date including extensions) for the tax year in which the active trade or business begins.