I open my business in January of 2020 we shut down two weeks later due to the pendemic. all the startup expences for my business can I deduct?

[regcast013]

If I closed down for a year and collected unemployment. Can I deduct all my startup expenses as a loss?

[Mike9241]

IRC code section 195

if the business is permanently disposed of on or before 12/31/2020 then yes regardless of the amount

if not then the normal rules apply

the deduction the first year is the lesser of 1) or 2)

1) the total start-up expenses 

or

2) $5,000 reduced, but not below zero, by the amount the total start-up expenses exceed $50,000

the remainder, if any,  is amortized over 180 months starting with the month the business began

examples 1) total $45,000.  $5,000 deductible $40,000 amortizaable

                  2) total $52,000.   $3,000 deductible $49,000 amortizable

                 3) total $55,000 (or more)  $0 deductinle, all must be amotzied

should the business terminate in a subsequent year the unamortized balance, if any, would be deductable.