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Starting a business? How expenses will be treated on your tax return

Business Start Ups, Entrepreneurs, Small Business, Tax Deduction / Douglas Freeman

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re […]

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Entrepreneurs and taxes: How expenses are claimed on tax returns

2021 Tax Return, Business Start Ups, Entrepreneurs, Federal Taxes, Small Business, Tax Record Retention / Douglas Freeman

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or needed money due to

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Getting a new business off the ground: How start-up expenses are handled on your tax return

Business Deductions, Business Expenses, Business Start Ups, Entrepreneurs, Small Business, Tax Return / Douglas Freeman

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know

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Launching a business? How to treat start-up expenses on your tax return

COVID-19, Deductions, Entrepreneurs, Small Business, Tax Deduction, Tax Planning / Douglas Freeman

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should

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