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Old 01-27-2015, 04:26 PM
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TomCopeland TomCopeland is online now
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Join Date: Jun 2010
Location: St. Paul, Minnesota
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Default loss

Quote:
Originally Posted by TheGoodLife View Post
Thanks Tom, just wondering- will a loss affect my taxes, if I don't have any business income for it to take from? I thought a loss only went against business income, to reduce what you claim for tax purposes?
If you showed a business loss of $500, this gets transferred onto your Form 1040. If you or your husband have other income that is reported on Form 1040, it will be reduced by $500, so you will save some federal and state income taxes. So, a business loss will reduce personal income.
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