Keeper is delightfully smart tax filing software that’s especially useful for people with 1099 contracting & freelance income. Connect your bank to automatically uncover tax breaks & personalize.

Get started with the app: https://keeper.tax/e/0O2iDSXJywb
Our website: https://www.keepertax.com/

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Anyone who grew up having water balloon fights knows that only 10% of the time is actually spent throwing water balloons. The other 90% is spent painstakingly filling them up, one at a time.

That’s how it feels starting a new business. Just replace brightly colored water balloons with accountants, realtors, attorneys, suppliers, and a mounting pile of bills.

Luckily, these startup costs come in handy when it’s time to file your business taxes for the first time. Sometimes, you can even deduct them before you have any income! In this video, we’ll show you how — and let you know which costs you can write off.

TIMESTAMPS

0:00 - Intro
1:02 - What is a startup cost?
1:33 - When can you start writing off your startup costs?
2:50 - What startup costs can you write off?
4:00 - What can’t you write off as a startup cost?
4:43 - How to write off your startup costs
5:40 - What happens if your business folds?

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MORE ON STARTUP COSTS

How to Claim Startup Costs for Your Business: https://www.keepertax.com/posts/start...

Can You File Your Own Business Taxes?: https://www.keepertax.com/posts/can-i...

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OTHER VIDEOS TO WATCH

Standard Deduction vs Itemizing for Freelancers:    • Standard Deduction vs Itemizing for S...  
Behind on Your Taxes?    • Behind on Your Taxes? | What to Do If...  
Tax Write-Offs Explained:    • Tax Write-Offs Explained | Tax Deduct...  

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COMMON TAX WRITE-OFFS

For designers: https://www.keepertax.com/tax-write-o...
For real estate agents: https://www.keepertax.com/tax-write-o...
For child care providers: https://www.keepertax.com/tax-write-o...
For consultants: https://www.keepertax.com/tax-write-o...
And more: https://www.keepertax.com/freelancer-...

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FREE TAX RESOURCES

1099 Tax Calculator: https://www.keepertax.com/1099-tax-ca...
How Much Should I Set Aside for Taxes? https://www.keepertax.com/self-employ...
Quarterly Tax Calculator: https://www.keepertax.com/quarterly-t...
Income Tax Calculator: https://www.keepertax.com/income-tax-...