Hi again...another question about amortizing the startup costs. I found this section on page 30 (chapter 😎 of IRS Pub 535:
"You can choose to forgo the election to amortize by affirmatively electing to capitalize your start-up or organizational costs on your income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins.:
Not sure how this statement affects the $5k limit on writing off startup costs...any insight?. Would I just move my startup costs to a Supplies or Misc Expenses category instead of a Startup category?
