Our very own Joshua Waldman had his article published in Forbes last May 3, 2017. Here’s an excerpt:
Starting a new business can be very exciting — and expensive. Yet, that initial financial investment should not scare you away from pursuing your dream. It is a common cost shared by most new business owners, and it’s one you can spread across many years in order to help lower your tax burden.
When I started my first business, there were all kinds of associated costs: computers, desks, chairs, printers, lamps, supplies, website development, branding, cards and more.
The IRS has defined what qualifies as startup costs, describing them as the following:
“Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Organizational costs include the costs of creating a corporation or partnership.”
Usually, startup costs are capital-related, but they can also be soft costs such as research, making a business plan, logo design, website and so forth. These little things can really add up when building a startup and should be tracked by using reliable accounting software.
If you want to read more from How Startup Costs Can Be Your Friends As Your Business Grows, click here.