Please note that the content in this article is purely informational and should not be taken as professional or legal advice. Tax laws and regulations are subject to change without notice. Consult an experienced accounting team like John Freeman CPA before making any serious financial or legal decisions.
Taxes can be overwhelming for a business start-up that has revenue and funding from multiple sources.
All seed-stage start-ups and businesses that have received an EIN letter from the U.S. Government must file a tax return.
There are several tax incentives, credits and deductions available to start-ups but only if your business does launch. The majority of start-up costs are deductible but only certain costs qualify. For example, some equipment you may purchase does not qualify as a start-up expense because it is considered a regular business expense.
Remember that in order to benefit from incentives, credits and deductions, you need to be able to prove you incurred the expense, so keep those receipts!
Trust the experts and contact us to learn more about relevant incentives, credits and deductions for your upcoming tax return.
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