Do you have any suggestions?
Hi,
Last year I was laid off so I started a very small legitimate business. Of course since it was the first year the loss was $7000. So with this loss the income was about $1000 on line 40. Since there are three of us, the exemptions are $9300. Therefore the tax is zero.
So you see even without the business loss, the tax would still be zero and hence I am losing the use of the business loss to lower my tax.
I have started to have income this year. Is there a way to deffer last years' losses to this year. I remember in a previous we depreciated the office computer over five years.
The expenses were:
Laptop $1955.24
company paid to prepare 3D animations for the business $2,886
External hard drive and other hardware $622.65
Software $200
Computer Tech assistance $360
Office equipment:
Projector $100, Digital Camera $368.04
Legal $500
Internet service $360
Phone bils $300
and other stuff.
Thanks
Celia
[email protected]
Hi,
Last year I was laid off so I started a very small legitimate business. Of course since it was the first year the loss was $7000. So with this loss the income was about $1000 on line 40. Since there are three of us, the exemptions are $9300. Therefore the tax is zero.
So you see even without the business loss, the tax would still be zero and hence I am losing the use of the business loss to lower my tax.
I have started to have income this year. Is there a way to deffer last years' losses to this year. I remember in a previous we depreciated the office computer over five years.
The expenses were:
Laptop $1955.24
company paid to prepare 3D animations for the business $2,886
External hard drive and other hardware $622.65
Software $200
Computer Tech assistance $360
Office equipment:
Projector $100, Digital Camera $368.04
Legal $500
Internet service $360
Phone bils $300
and other stuff.
Thanks
Celia
[email protected]
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