Can freelancers deduct startup costs irs?

Startup costs for freelancers are deductible up to $5,000 in the first year if total startup costs do not exceed $50,000. Any excess over $5,000 must be amortized over 15 years. Startup costs include expenses incurred before the business begins operations, such as market research, advertising, and training. However, costs related to acquiring business assets are not considered startup costs and must be capitalized. If the total startup costs exceed $50,000, the $5,000 immediate deduction is reduced dollar-for-dollar by the amount over $50,000.