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Document Identification
Title
Economic Opportunity (1 2006, 7 March)
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- Office of the Treasurer e-newsletter (EconomicOpportunityE-NewsletterMarch2006.pdf)
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Description
Through our E-newsletter, w'ell share new programs that are being developed, as well as changes to our programs and success stories. The articles in this issue are: Small Business Expenditures; Start-up costs are deductible, Logistically Speaking; Southwestern Illinois, IGGCC Symposium Set For April 2006, It Pays to File Return and Agriculture Scholarship Program.
Subject Classification
- Business and industry: Economic development
- Business and industry: Small business
- Government finance and taxes: Government revenues: Taxes: Income taxes
- State government: Elected state officials: Illinois Treasurer
Sample text from the file
.Volume 1, Issue 1, Issue Volume 1, Issue for many enterprises. Claiming the deduction-\-known as Section deduction after the tax code provision that authorizes it involves little more paperwork. Companies need to file Form 4562, Depreciation and Amortiza-tion and declare that they are electing to take the deduction for start-up costs. There is catch to the Section deduction, tied to the intent of Congress that it be used by small businesses, not larger concerns. Companies start losing the $5,000 deduction when their start-up costs go over $50,000. For example, business with $51,000 in costs can deduct only $4,000, and business with costs over $55,000 loses the deduction entirely. Many business owners have strug-gled through the years with key question surrounding start-up costs-when do these costs turn into fully deductible operating expenses? If you have signed contract or start taking in reve-nue, clearly, the business is operating, and your expenses are fully deductible. Most small
Issuing Agency
Illinois
Office of the State Treasurer
Program: Division of Economic Opportunity
Contact
Organization: Office of the Illinois State Treasurer
300 West Jefferson Street
Springfield, IL 62702
Phone: 217-557-6439
Document Descriptive Information
File Data
- Language(s): EN-English
- Creation Date (from issuing agency): 03 15 2006
- Document Modification Date (from issuing agency): 03 15 2006
- Date Accepted Into Depository: Wed, 20 Jun 2007 16:08:17 GMT
- Checksum Algorithm: MD5 SHA1
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