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Financial Planning / Tax Strategies
|Subject: Sole Proprietorship:Taking a Year Off||Date: 7/10/2002 10:54 AM|
|Author: cowdogman||Number: 60907 of 122503|
I have a small business that has been filing a Schedule C for about 10 years, usually showing a profit on Schedule C (and therefore having tax due).
I was thinking of taking a (tax) year off, but the business will continue to have expenses (depreciation, rent, etc.).
Can I use these expenses on Schedule C in the year I take off to create a loss on Schedule C? Or do I carry them forward? Or do I just lose them?
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