Start-up expenses (education costs, travel for education, phone, offices, etc.) and organization expenses have an automatic $5K expense line and can be written off immediately. You will want to organize as a C-Corp if you have substantial education costs.
When it comes to finding a specific list of the write-offs you can take and their categories, it always depends on what you are doing. Section 162 of the tax code describes customary, ordinary, reasonable, and necessary expenses.
Just grab a chart of accounts for a big company to inform you about expense categories. No matter what, ask yourself, “Is this the type of expense that will benefit my business?”
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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