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I am not an accountant. You may use a loss from a side business in order to offset W-2 income. No need for complicated tax credit forms. Look into the IRS rule
by uiri 9y ago
I am not an accountant.
You may use a loss from a side business in order to offset W-2 income. No need for complicated tax credit forms. Look into the IRS rules around hobbies as they may get suspicious if your "business" loses money for years on end.
- toomuchtodo 9y agoThis is accurate (I take losses on an LLC occasionally against W2 income). Regarding business vs hobby criteria: https://www.irs.gov/uac/business-or-hobby-answer-has-implications-for-deductions https://www.irs.gov/uac/business-or-hobby-answer-has-implica...