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Amortization of Intangible Assets. To illustrate the amortization of an intangible asset, imagine XYZ Biotech spends $30 million dollars on a patent with a useful life of 15 years. Theoretically, to account for the expense over a 15-year period, XYZ Biotech records $2 million each year as an amortization expense.
You may elect to deduct up to $5,000 of start-up costs in the year your business begins operations. The $5,000 limit is reduced by the amount of start-up costs exceeding $50,000. Start-up costs that exceed $5,000 may be amortized over 15 years. You claim the deduction on Schedule C, Line 27a. Any excess amount over the first year limit of $5,000 must be amortized over 15 years (180 months). Use Form 4562, Part VI to enter the amortization amount. For example, if your start-up costs were $11,000 and you began business operations on January 1, 2013, you would deduct $5,400 the first year.