The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Small Business Tax Losses?||Date: 10/24/2013 3:09 AM|
|Author: stockmover||Number: 119405 of 121114|
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.
AFAIK your Sch C losses will in fact offset your regular income. Its my understanding that if this was started as a true business, as opposed to a "hobby", your documented/substantiated losses for the business should be accepted by the IRS.
Unless the pro's say differently I would report the loss on Sch C and chalk it up to experience.
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