What is the name of your state? Oregon.
I usually file single, but last year I got a EIN # for a internet business that did not make a profit. I had to attend to personal matters and had to drop everything. The few sales I did have turned no profit and some dumb buying decisions left all sales a loss plus the purchases I made to start the business, software, training, manuals etc. My question is how do I file this year, I dont think I can deduct these losses because of IRS guidlines, so I,ve read, they might consider it more of a hobby than a business. Do I file the business loss and gains or just not include it with the W-2 from my employer. I also had a refinanace with cash-out on my home, do I have to pay taxes on this. I usually use Turbo Tax, I dont know any CPA's.
Any suggestions for which direction to take would be helpful.
Thanks for your time, Mike.
I usually file single, but last year I got a EIN # for a internet business that did not make a profit. I had to attend to personal matters and had to drop everything. The few sales I did have turned no profit and some dumb buying decisions left all sales a loss plus the purchases I made to start the business, software, training, manuals etc. My question is how do I file this year, I dont think I can deduct these losses because of IRS guidlines, so I,ve read, they might consider it more of a hobby than a business. Do I file the business loss and gains or just not include it with the W-2 from my employer. I also had a refinanace with cash-out on my home, do I have to pay taxes on this. I usually use Turbo Tax, I dont know any CPA's.
Any suggestions for which direction to take would be helpful.
Thanks for your time, Mike.