Posts Tagged ‘personal tax return’
I've been filing a business write-off on my personal taxes. How do I close out the business on my tax return?
Posted by admin in US Tax Questions on August 27th, 2010
I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?