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Operating at a loss

Forum|Forum|4 years ago
October 27, 2021
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I've been self-employed for thirty-plus years and have always operated at a profit until 2021, due to setbacks from the pandemic. This year I will have more business expenses than income to report. Is this something I should be concerned about? I would still like to deduct the expenses, and not have my business downgraded to a hobby, as it is my sole source of income (via different 1099 jobs). Thanks!

Best answer by HollyP

@ktax2 and @jobejobie please see my answer here. Also, check out Stimulus 2021: Self-Employed Tax Credits and Social Security Tax Deferrals Available During COVID-19 you may still qualify for some help in your business this year.

J

jobejobie

I worry about this as well! The pandemic screwed business and now we are to carry on as if nothing set us back. some of us are still recovering. I had a loss both years of 2020 and also this year was down.