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My Business is LOSING Money! What Do I Do? | Business Losses for Taxes

Frames My Business is LOSING Money! What Do I Do? | Business Losses for Taxes

Description My Business is LOSING Money! What Do I Do? | Business Losses for Taxes

Comments My Business is LOSING Money! What Do I Do? | Business Losses for Taxes

Thank you! So where do we provide that written info about our intent to make money, business plan, etc so we're not called a "hobby" Do we add a letter to our tax forms? An explanation in the itemized deductions area? or where? Comment from : Mary Ambrose

The best video I found to explain this Thank you so much!!! Comment from : Susan Hogg

Recently got into learning about taxes and this channel is a gem and a wealth of resource along with my readings Comment from : Oshane B

learned so much!! thank you Comment from : David Rodriguez

Thank you so much for all of your insight, I really appreciate your knowledge I just have one question if you don't mind helping me out I will try to make it quick, lol We just started making money this year as a content creator on Newsbreak We have a 1099-NEC from them We travel and make videos about all the places we go to We spent so much on hotels and gas this past year say $13,000 But we only made $1,800 Can we really write off all of our lodging and gas even though we didn't make videos about the lodging but the places we visited once we got there lol, does that make sense? Like we stayed at a Holiday Inn Express for like $150 So, we could get up the next day and visit a state park or national park and make a video about the park, can I still right off the hotel expense? Thank you so much for your time in answering my silly question :) - Melissa Comment from : Adventures Are Out There

Video was on point🎯💯 Comment from : Gfs Don

Very well done and informative video Comment from : Unknown

Thanks this is a great video and resources 😊🙏🏿😇 Comment from : erjohnjohn

Your video was very helpful, and straight to the point Love the examples!brI do have a question: I'm getting ready to open a Spa, and I brought alot to start the business Should I file those expenses for 2022, or wait until the business is up and running for tax term 2023? Hope I'm making since!brThank you Comment from : Auhmilyon C

Such a great video! Thank you! Comment from : Austin Branion

Thank you! One question - do you have to have an LLC or other formal business designation in order to claim losses? brbrI am starting a new business and have purchased equipment to get started, but haven't sold anything yet and haven't registered my business yet Thanks! Comment from : Collin and Norahs YouTube Channel

Great video ! Got a question though , how do you estimate your business loss for businesses such as short term rental ? Thanks Comment from : Floriane Youzan

🙏 𝐩𝐫𝐨𝐦𝐨𝐬𝐦 Comment from : Lew

Thank you for the information! Very helpful 🙂 Comment from : Milagros Guthrie

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