People Twitter

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Did you pay your taxes? (lemmy.nz)

submitted 6 months ago by thal3s@sh.itjust.works to c/whitepeopletwitter@sh.itjust.works

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Related: Robert Reich posted earlier today that Tesla paid ZERO taxes on $5 billion in sales (earnings?), so that’s just fucking great.

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[–] Wiz@midwest.social 6 points 6 months ago

(I'm not a professional and this is not tax advice)

However, I have a home business pulling in a few thousand a year.

About business losses, I think you're partially right. The IRS has a tile that you need to show that you're trying to make a profit, despite losses. One of the ways they do that is showing a profit over the course of a few years. (Maybe 3 out of 5 years? My memory is foggy.) But if you don't seem like a business, then you are only allowed to deduct up to the amount that you earn.

But yeah, year one of a business, you can definitely take a loss. And why not? The IRS is short-staffed so fewer audits.