Results 1 to 5 of 5
  1. Collapse Details
    Annual Business Loss - S Corp
    I have a small business and have taken a substantial loss of -$25,000 last year. As a S Corp while I was filing my personal taxes and entering the loss thru the K-1 Schedule. I noticed that the tax refund received did not change much if I put - $25,000 or -$10,000.

    Is there a threshold to this that will only give a tax refund up to a limit? Does it get carried forward to the next year? or Is it a wash?

    Any way to benefit from my unfortunate loss to help?


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    When you show a loss on your tax return, it is difficult to get a loan.


    Share on facebook


    Chris
    Please visit my website for all your Income Tax Santa Paula needs.
    Reply With Quote
     

  3. Collapse Details
    I suggest talking to a finance strategist or an accountant. Perhaps they are more capable in giving you advice. - Phillip Elden


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    Gametables4Less, LLC provides Shuffleboard, Pool, Poker & More. Lowest Prices in the US Guaranteed! We Will Not Be Undersold. Call for the Lowest Price! Call to Get the Best Deal. Top Name Brands. Guaranteed Lowest Prices. We Will Not Be Undersold. Top Brands, Big Selection. Located in Boca Raton, FL.


    Share on facebook


    Reply With Quote
     

  5. Collapse Details
    If you don't show that your business was profitable longer than that, then the IRS can prohibit you from claiming your business losses on your taxes. After you claim a loss for three of the five years, the IRS will classify your business as a hobby.


    Share on facebook


    Reply With Quote
     

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •