My Business is LOSING Money! What Do I Do? | Business Losses for Taxes
6.9 هزار بار بازدید -
2 سال پیش
-
Keeper is delightfully smart tax
Keeper is delightfully smart tax filing software that’s especially useful for people with 1099 contracting & freelance income. Connect your bank to automatically uncover tax breaks & personalize.
Get started with the app: https://keeper.tax/e/pmvqGrAB0ub
Our website: https://www.keepertax.com/
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When you’re first starting out as a freelancer or small business owner, it’s easy to end up losing money.
Add up everything you spend on work — from your laptop to the gas you pay driving to clients — it you might find that your business expenses are more than what you’re bringing in.
Luckily, you can use these business losses to lower the amount of money you get taxed on. If you’re working a 9-to-5 at the same time, you can even use your business loss to offset that W-2 income.
Keep watching to learn more, including how to use a business loss to lower your income in future years, and how much loss is TOO much for the IRS.
TIMESTAMPS
0:00 - Intro
0:38 - What is a business loss?
2:12 - Do you get a tax refund if your business loses money?
3:07 - What if your business loss is more than your other income?
4:27 - What happens if you keep losing money?
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CURRENT BUSINESS LOSS LIMITS
If you’re single: $262,000
If you’re married, filing jointly: $525,000
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MORE ABOUT BUSINESS LOSSES
How Does My Business Loss Affect My Taxes? https://www.keepertax.com/posts/busin...
Business vs. Hobby: What’s the Difference? https://www.keepertax.com/posts/busin...
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OTHER VIDEOS TO WATCH
How to Write Off a Cell Phone: How to Write Off Your Cell Phone | Ph...
How Do You Write Off a Computer: How to Write Off a Computer on Your T...
Advertising Expenses For Freelancers That You Don’t Know Advertising Expenses For Freelancers ...
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COMMON TAX WRITE-OFFS
For designers: https://www.keepertax.com/tax-write-o...
For real estate agents: https://www.keepertax.com/tax-write-o...
For online sellers: https://www.keepertax.com/tax-write-o...
For consultants: https://www.keepertax.com/tax-write-o...
And more: https://www.keepertax.com/freelancer-...
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FREE TAX RESOURCES
1099 Tax Calculator: https://www.keepertax.com/1099-tax-ca...
How Much Should I Set Aside for Taxes? https://www.keepertax.com/self-employ...
Quarterly Tax Calculator: https://www.keepertax.com/quarterly-t...
Income Tax Calculator: https://www.keepertax.com/income-tax-...
Get started with the app: https://keeper.tax/e/pmvqGrAB0ub
Our website: https://www.keepertax.com/
——————————————————————————————————
When you’re first starting out as a freelancer or small business owner, it’s easy to end up losing money.
Add up everything you spend on work — from your laptop to the gas you pay driving to clients — it you might find that your business expenses are more than what you’re bringing in.
Luckily, you can use these business losses to lower the amount of money you get taxed on. If you’re working a 9-to-5 at the same time, you can even use your business loss to offset that W-2 income.
Keep watching to learn more, including how to use a business loss to lower your income in future years, and how much loss is TOO much for the IRS.
TIMESTAMPS
0:00 - Intro
0:38 - What is a business loss?
2:12 - Do you get a tax refund if your business loses money?
3:07 - What if your business loss is more than your other income?
4:27 - What happens if you keep losing money?
——————————————————————————————————
CURRENT BUSINESS LOSS LIMITS
If you’re single: $262,000
If you’re married, filing jointly: $525,000
——————————————————————————————————
MORE ABOUT BUSINESS LOSSES
How Does My Business Loss Affect My Taxes? https://www.keepertax.com/posts/busin...
Business vs. Hobby: What’s the Difference? https://www.keepertax.com/posts/busin...
——————————————————————————————————
OTHER VIDEOS TO WATCH
How to Write Off a Cell Phone: How to Write Off Your Cell Phone | Ph...
How Do You Write Off a Computer: How to Write Off a Computer on Your T...
Advertising Expenses For Freelancers That You Don’t Know Advertising Expenses For Freelancers ...
——————————————————————————————————
COMMON TAX WRITE-OFFS
For designers: https://www.keepertax.com/tax-write-o...
For real estate agents: https://www.keepertax.com/tax-write-o...
For online sellers: https://www.keepertax.com/tax-write-o...
For consultants: https://www.keepertax.com/tax-write-o...
And more: https://www.keepertax.com/freelancer-...
——————————————————————————————————
FREE TAX RESOURCES
1099 Tax Calculator: https://www.keepertax.com/1099-tax-ca...
How Much Should I Set Aside for Taxes? https://www.keepertax.com/self-employ...
Quarterly Tax Calculator: https://www.keepertax.com/quarterly-t...
Income Tax Calculator: https://www.keepertax.com/income-tax-...
2 سال پیش
در تاریخ 1401/08/26 منتشر شده
است.
6,957
بـار بازدید شده