7 minutes | Jan 5th 2021

129 - Writing off start-up expenses for a new business

On this episode, my guest Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C., answers the question "What expenses are allowable write offs for my new business during the start-up phase?"

 

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

 

Start-up expenses are those that you have to incur in order for the business to start. For example, if you are a starting a restaurant, even before you start serving diners you have start-up expenses such as liquor license, architectural drawings, etc. The IRS allows you to write-off $5,000 in start-up expenses in the first year and amortize the rest over the next several years.

 

Resources

What's the difference between a hobby and a business?

 

Get in touch with our guest

Keila Hill-Trawick, founder of Little Fish Accounting

Check out Little Fish Accounting's website

Follow Little Fish Accounting on Instagram

Like Little Fish Academy on Facebook

 

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