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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

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 Kohler, M.PR.A., C.P.A., J.D., is a highly respected Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning. With a reputation as a YouTube personality, best-selling author, and national speaker, Kohler is dedicated to guiding clients through complex legal and financial landscapes to achieve their American Dream. He also serves as the co-founder and Board Member of the Directed IRA Trust Company and has launched the Main Street Certified Tax Advisor Program to train CPAs and Enrolled Agents nationwide. As the co-host of The Main Street Business Podcast and The Directed IRA Podcast, he simplifies intricate topics like legal and tax strategy, asset protection, retirement, investing, and wealth growth. Mark Kohler's commitment to helping entrepreneurs and small business owners attain success and financial security has made him a trusted expert in the field, benefiting countless individuals and businesses in navigating the financial and business world with confidence.

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