tax deductions?
can you have more in tax deductions than what you made for one year. i own a buisness and have alot of deductions. i think it might be more than what the buisness made this last year.
also if you are a contractor do you go by your gross before any bills are paid or your net after materials are paid for?
Tags: buisness, tax deductions
#1 written by tma May 19th, 2010 at 23:00
yes, if your expenses exceed your income you would have a net loss.
gross means income before expenses are paid. you report gross income on Schedule C. then list any expenses, including materials.
#2 written by roar May 19th, 2010 at 23:00
This could help: http://basefor.info/tax_deductions/income_tax_deductions.php