I plan to open my business in 2018, however I did incur cost for naming and securing a loan for the business in 2017. Can this be deducted on 2017 taxes?

[KatherineC]

Those expenses would be considered start-up costs or organizational costs.  While the IRS allows you to deduct up to $5000.00 of business start-up costs and $5000.00 of organizational costs, you would deduct those in the year you actually open your business.

The deduction is allowed if your total cost in each area is less than $50,000.  If over $50,000 in either area the deduction is either limited or not allowed.  If the deduction is not allowed or is limited, the remainder would be amortized over a period of 15 years.

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