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Can i hold back business deduction for 2017 and use them for…

Can i hold back...

Can i hold back business deduction for 2017 and use them for 2018? Our sole prop is show a loss and i don't want it o.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My husband had a medical event that kept him from working and now we show a loss of $22k. I'm using turbo tax. Can i save some of the dedeuctions and apply them to nest year instead?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Just that our deductions out weigh our income. We have made estimated payments for 2017 when not required to and will apply the refund to 2018 but we really don't want to show a loss .

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Answered in 1 minute by:
3/27/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,203
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Under the cash method, you generally deduct expenses in the tax year in which you actually pay them. This includes business expenses for which you contest liability.

You cannot hold back some for next year unfortunately.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,203
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Customer reply replied 3 months ago
ok thank you

You are most welcome

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