Are search expenses deductible?

by a searcher from Saint Louis University

1 year ago

I'm running a part-time, self funded search and have created an LLC to acquire a company. Are there any expenses that I can deduct as a business operating expense before I close the deal? For example, can I deduct due diligence costs, website fees, cell phone bills, etc. to offset my income this year from the w-2 job?

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5 comments

searcher from University of Virginia-Darden - Darden School of Business

Short answer there is amount considered as start up expenses and then some will need to be amortized.

1 week ago | like reply | 0 likes

searcher

Some are and some are not, its best to consult and CPA and Tax Strategist for this. I say both because they tend to balance each other out for making the best decisions in your favor while still legally complying.

1 year ago | like reply | 0 likes

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