On my 2017 return, I amortized costs of LLC preparation ($775). Can I change the time period now to make it over 3 years rather than the longer time I chose last year?

[MinhT · Accepted solution]

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. 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 over a period of 15 years. You cannot shorten the amortization period and amortize over 3 years. 

Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Organizational costs include the costs of creating a corporation.

[sudbury4]

I probably will have the consulting business only three more years.  What do I do when I decide to close the business at that time?  

[MinhT]

When you close the business, you can deduct fully the unamortized start-up costs in the last year.