Business · Incorporation

What are some things my startup can deduct on our taxes?

Harpreet Singh Senior QA Engineer (Freelancer)

February 27th, 2017

I have an LLC that’s turning decent profit this year. Always great to save money though. That’s why I’m wondering what some of the things I can deduct on my taxes. I’ve read you can deduct costs associated with opening the business or exploring the opportunity, but that sounds vague to me. What kind of deductions can I get from all of our incorporation fees?

A great idea is 1% of the work. Execution is the other 99%. In this course, we’ll teach you how to conduct market analysis, create an MVP and pivot (if needed), launch your business, survey customers, iterate your product/service based on feedback, and gain traction quickly.

Raymond Luk Financial Services Professional at NYLIFE SECURITIES LLC

February 27th, 2017

Harpreet, you should consult with a tax advisor on this subject. Typically a CPA that specializes in taxes, or an enrolled agent.

Jenna Waites Helping Business Owners Streamline Processes so You can Make More and Work Less!

March 13th, 2017

Raymond is 100% right. I do not know what specific deductions you can get on each item, but definitely track everything and submit to an accountant and they can figure it all out for you.


This is directly from the IRS: https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses


Here is another great article: https://www.entrepreneur.com/article/219474