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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.
SBA offers the following guide which includes tax recordkeeping tips. Talk to Your Accountant before Startup Expense Deduction. You can see from these examples that if your startup costs are going to exceed $50,000, then your deductible is reduced, and completely wiped out if you exceed $55,000 in expenses.So it may not make sense to take the business startup deduction in the year you start your business.BA offers the following guide which includes tax recordkeeping tips. Talk to Your Accountant before Startup Expense Deduction. You can see from these examples that if your startup costs are going to exceed $50,000, then your deductible is reduced, and completely wiped out if you exceed $55,000 in expenses.