In this episode, I want to talk about initial startup costs and how they can affect your tax bill at the end of the fiscal year. If you properly identify, report, and handle your startup costs, your business will benefit from them.

Startup costs are all the expenses you incur to turn your business idea into an active business. We can say that they're previous expenses that your business accumulates before it goes to market. Of course, every business has its own startup costs. However, there are some general costs that all businesses should be aware of.

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