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Absolutely! The IRS allows you to deduct start-up costs for investigating the creation or acquisition of an active trade or business. This includes expenses for training or educational courses that you take while exploring different online ventures. However, there are some limits.
You can deduct up to $5,000 in start-up costs in the year your business begins, but this amount is reduced by the amount your start-up expenditures exceed $50,000. Any remaining costs must be amortized over a 180-month period. If you haven't started your business yet, you'll need to wait until it's up and running to take these deductions.
Remember, these costs need to be ones that would be deductible if they were for an existing business. So, make sure to keep good records of these expenses, as they could come in handy when you're ready to launch your business.
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