Current Startup Tax Deduction: Currently, startups can deduct up to $5,000 in startup costs, with expenses beyond that needing to be amortized over time.
Qualifying Expenses: Deductible startup costs include market research, advertising, employee training, salaries and professional services incurred before your startup business officially opens.
Kamala Harris's Proposal: Harris proposes increasing the startup tax deduction from $5,000 to $50,000, allowing small businesses to have more flexibility in when they can claim the deduction, especially after generating profits.
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