Daycare.com Forum
Daycare Center and Family Home Forum>Spent More Than Made
daycare 01:13 PM 04-15-2011
Got my taxes done and I spent $3300 more than I made. The tax person told mr that I can't claim more than I made. Do she told me to suck up the additional money I spent???
Is this correct?
Example let's say I made 10,000 spent 13,000 she said I can only claim the 10k
Is this correct?
Example let's say I made 10,000 spent 13,000 she said I can only claim the 10k
momofsix 01:17 PM 04-15-2011
...and people think we make so much!
Sorry, I don't know the answer. Wouldn't that count as a business loss then? I think Tom mentioned you could have them for a few years, just not continually.
Sorry, I don't know the answer. Wouldn't that count as a business loss then? I think Tom mentioned you could have them for a few years, just not continually.
Missani 01:27 PM 04-15-2011
I had a loss this year, so I know it can happen. I don't know why the tax person would tell you that, but it doesn't sound right to me.
daycare 02:37 PM 04-15-2011
I thought it didn't sound right but I just wanted it over with so I asked her to file it.
DancingQueen 03:57 PM 04-15-2011
um.. I think that is NOT true. But I'm no expert.
MyAngels 06:47 PM 04-15-2011
I'm definitely not an expert, but it sure seems that you could carry the loss forward to next year. Hopefully Tom will chime in with an answer. If he doesn't you could probably post this in the tax section, too, and he might see it there.
juliebug 06:49 PM 04-15-2011
you can carry the loss over to next year. i have done it before 
Symphony 03:30 PM 04-16-2011
You need a new tax person girlfriend!
daycare 04:01 PM 04-16-2011
Lol trust me I searched high and low but I will be looking now for next year
wdmmom 01:59 PM 04-18-2011
I would find a new tax person and ask their advise on amending your return. If you are going to gain an additional refund, I would definitely do it!