I know it's late, but I promised Jerry in our School of Tax Strategy call last night that I would answer his question today regarding the election to deduct/amortize start up costs. His question was whether you can make the election on an amended return. The answer? It depends.
Like most tax questions, the answer depends on the facts of the situation. In this case, it depends on when you amend your return. If you amend your return prior to the original due date, plus extensions, you can file an amended return (or a substitute return) and make the election. Otherwise, you are out of luck because you have to make the election by the extended due date of the original return.
However, all may not be lost. As I suggested last night to Jerry, just because you didn't make the election doesn't mean there might not be another way to get the deduction. In Jerry's case, those of you on the call will remember that we decided we could make the argument that the costs in question might really be costs of a continuing business, rather than of a new business. If the expenses are attributable to an existing business, they are deductible under the regular tax rules for business expenses and no election is necessary.
The moral of this story is twofold. First, get good tax help as early as possible from a qualified tax strategist. Go to http://www.ProVisionWealth.com for more information about how ProVision can provide the strategies you need to permanently reduce your taxes. Second, even if you make a mistake, sometimes, with good advice, you can correct it just by taking look at it another way.
As always, let me know how ProVision can help. It's our mission to show you how to take back the taxes that you are overpaying.
Warmest regards,
Tom