View Full Version : shutting down business

10-10-2016, 09:31 PM
I own business retail store that i bought 3 years ago for 75,000. Unfortunately, this year, business is negative income and i have decided to close it. I also have a full time job and have paid about 40K in federal taxes this year. My question is, how much can i deduct as business lose for year 2016 to lower my federal income tax. Can i deduct 75,000? If any additional info is needed, let me know, i will provide it.

Thank you

r. Dotson
10-18-2016, 03:24 PM
you can clame a loss for the first 3 years you are in business on your taxes

10-30-2016, 08:23 AM
Pretty sure you should go to a professional tax accountant.