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Deductions & credits
The EIN is very important, but it could does not necessarily determine the start of your business. Your business officially starts when the business begins operations. That means when the doors open.
You do not have to generate income or sales on the first day of operations, but you must be operating the business so that you can generate income. Purchasing Inventory, having staffing, advertising a date would all be considered.
This is important because it determines when start- up costs can start to be amortized.
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March 29, 2020
1:38 PM
37,150 Views