Deducting startup expenses The government allows businesses to write-off $5,000 of startup expenses. This $5,000 deduction is reduced by the amount that your total startup expenses exceed $50,000. Any startup costs that are not deducted in the current year can be amortized ratably over a 15-year period, beginning in the month you start operations. You can elect to forgo this election and make a different election to capitalize your startup costs. The costs then become part of

As you rush to meet the filing deadline, don't overlook money-saving tax breaks — particularly if there's no need to hurry. About a fourth of taxpayers wait until two weeks before the deadline to file their tax returns. These last-minute filers typically fall into two categories: Either they owe the IRS money, which removes any incentive to file early, or they’re procrastinators who would rather wash a muddy dog than prepare their tax returns. This year, the calendar is the p

The Department of Justice has announced that Michael "The Situation" Sorrentino (Mike) and his brother, Marc Sorrentino, were indicted today on charges including tax evasion, structuring and falsifying records. These charges are in addition to charges which are already pending against the pair. In September of 2014, the Sorrentino brothers were indicted on a number of tax-related charges. Mike was initially charged with one count of conspiracy; two counts of filing false tax