Have a Tax Question? Ask a Tax Expert
Hello JA Customer,
When you have business income which is separate from your regular job, your business income and related expenses are reported on Schedule C of your tax return. You then pay tax on your net earnings from the business after deducting your allowed expenses. If you actually end up with a net loss from the business activities, then that loss will offset income you have from other sources.
So the expenses from your business do not directly provide a deduction against your regular job wages, but if you end up with a net loss from your business activities, that loss can be used to offset income you have from other sources.
If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.
Thank you JA Customer