by 
egronks
ANSWERS: 2
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They should know every item to the best they can.
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Traditionally, costs are the investment in starting/running your business, for example buying computers for my office, and usually must be capitalized. Expenses are the very day costs in running your business and can vary, for example buying paper for the printers. Yes, business owners need to know the difference or have a great Enrolled Agent who can do their tax return correctly!
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