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  1. Collapse Details
    shutting down business
    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


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  2. Collapse Details
    you can clame a loss for the first 3 years you are in business on your taxes


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    Pretty sure you should go to a professional tax accountant.


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    I would go get a cpa if I were you...


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