How to Avoid the Biggest Mistake on Your First Tax Return as an EntrepreneurAccountant Mark Kohler says business owners need to keep track of this particular expense when starting up.
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Starting a successful business is hard enough. Having to remember details for your firsttaxreturn adds to that stress. Accountant Mark Kohler says one of the most important things to do is to keep track of your startup costs. These include any expenses incurred before you start generating revenue. You'll have to declare those expenses on your first return. If not, you lose the opportunity.
