01-28-2015, 12:43 PM
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Home Daycare Provider
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Join Date: Feb 2012
Location: Midwest
Posts: 1,368
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Quote:
Originally Posted by TomCopeland
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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Thank you!
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