How to Avoid the Biggest Mistake on Your First Tax Return as an Entrepreneur Accountant Mark Kohler says business owners need to keep track of this particular expense when starting up.

By Mark J. Kohler

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

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

Entrepreneur Leadership Network® VIP

Author, Attorney and CPA

Mark J. Kohler is a CPA, attorney, co-host of the podcasts Main Street Business and Directed IRA Podcast and a senior partner at both the law firm KKOS Lawyers and the accounting firm K&E CPAs. He is also a co-founder of Directed IRA Trust Company. He is the author of The Tax and Legal Playbook, 2nd Edition and The Business Owner's Guide to Financial Freedom.

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