Starting a successful business is hard enough. Having to remember details for your first tax return 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.
Mark J. Kohler, a certified public accountant in Irvine, Calif., is a partner in the accounting firm Kohler & Eyre, and the law firm Kyler, Kohler, Ostermiller, & Sorensen LLP, specializing in business, estate and tax. He is the author of What Your CPA Isn't Telling You from Entrepreneur Press.