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March 9, 2025
Question

IF MY SELF-EMPLOYMENT EXPENSES ARE GREATER THAN MY ANNUAL SALES, DOES THE INCOME LOSS APPLIED AGAINST MY TAXABLE AMOUNT?

  • March 9, 2025
  • 1 reply
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IF MY SELF-EMPLOYMENT EXPENSES ARE GREATER THAN MY ANNUAL SALES, IS THE INET LOSS APPLIED AGAINST MY TAXABLE INCOME?

    1 reply

    March 10, 2025

    Yes, generally you can apply your  self-employment loss against your other taxable income. ‌There are some situations where they'll be limited.  For more information see Chapter 9 of IRS Publication 334 (2024), Tax Guide for Small Business.