Can I write off investment in business startup?

Startup costs for a new business can be deducted up to $5,000 in the first year if total startup costs do not exceed $50,000. These costs include expenses incurred before the business begins operations, such as market research, advertising, and employee training. If your startup costs exceed $50,000, the $5,000 deduction is reduced dollar-for-dollar by the amount over $50,000. Any remaining costs must be amortized over 15 years.