Accepted Answer

Hi XXXXXXXXXXXXXX

Thank you for using justanswer. No, this is not unfeasible. Any loss that you show on your 2009 Form 1040 (Schedule CProfit or Loss From Business will be netted against any other income on your Federal 1040, such as unemployment benefits, wages, bank interest, etc, .

Whether this will net you a larger refund will depend on other factors as well, such as how much you have paid in (either thru employer withholdings or estimated payments that you sent in yourself), your filing status, your total Adjusted Gross Income (which your business loss will help lower) whether you have any dependents and whether or not the lower income level now helps you qualify for some credits that can be phased out with a higher Adjusted Gross Income, such as the Earned Income Credit, the Child Tax Credit, the Savers Credit, etc. Please see below:

Don’t Overlook These Valuable Tax Credits

I hope this helps.

Expert:	Anne
Pos. Feedback:	100.0 %
Accepts:
Answered:	11/5/2009

Master Tax Preparer

Enrolled Agent with 20 Years Experience specializing Individual and Small Businesses