The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Small Business Tax Losses? Date:  10/24/2013  3:09 AM
Author:  stockmover Number:  119405 of 127753

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.

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us