Publication 583, Starting a Business and Keeping Records, revised January 2021, will be revised in 2024 to update the information contained in the “Business Start-Up Costs” section, which is applicable to tax year 2010 only. The 2024 publication will state: After October 22, 2004, through tax year 2009, and after tax year 2010, you can elect to deduct up to $5,000 of business start-up costs and up to $5,000 of organizational costs paid or incurred. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized. Additionally, Publication 535, Business Expenses, was retired in 2022. The information that was contained in Pub. 535 is located in other instructions and publications that are available at IRS.gov. See also Guide to Business Expense Resources.
