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Hello. I recently started a second job as a small ...

Hello. I recently started...
Hello. I recently started a second job as a small business owner. I have lost more money than I made in this business so I know I won''t have to pay income tax for it but can I use it as a deduction against my primary job (teacher) salary? If so how do I do this?
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Answered in 17 minutes by:
8/4/2008
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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If your business was started in 2008 - you will report your business income and expenses on the schedule C with your 2008 tax return. - http://www.irs.gov/pub/irs-pdf/f1040sc.pdf - this is 2007 form for reference only because 2008 form is not available yet.

On the line 31 you will calculate your total income/loss - as you are expecting a loss - the result will be negative. That amount will be reported on your 2008 tax return - form 1040 line 12 - http://www.irs.gov/pub/irs-pdf/f1040.pdf - as it will be negative - it will reduce your total adjusted taxable income and reduce your tax liability.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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