Can A Business Net Loss Be Used As A Deduction?
October 31st, 2009
I am going to owe the IRS around $350 this tax year.
I have a business, which i couldnt attend to this year and it has $120 in losses and $0 in revenue. Making it a Net Loss of $120.
Out of the $120, $100 was for the business licenses, $20 ebay fee’s.
My question is will i be able to claim this $120 as a deduction on my personal income tax, because i will be filing my business tax with my personal tax.