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Financial Planning / Tax Strategies
|Subject: Small Business Tax Losses?||Date: 10/23/2013 2:23 PM|
|Author: JamesBrown||Number: 119395 of 125427|
Early this year, I started a small business, sinking in my own money.
Four months later, I gave it up when I had earned an embarrasingly small amount of revenue. I won't give the numbers--it's too humiliating.
Anyway, I faithfully kept receipts for all the money I spent on this fool's errand. So with the end of the year coming soon, I'm wondering about my tax filing.
So then, if my expenses were overwhelmingly larger than my revenues, is there any point in filing a Schedule C? More importantly, would losses from my business offset personal taxes I paid through my two jobs?
I found this article: http://taxes.about.com/od/taxplanning/a/freelance_5.htm
But the article is written from the perspective of a going-concern, not a business that began, ate up a bunch of expenses, then ended all within the course of a single tax year.
Thanks in advance.
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