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My understanding is that it’s only deductible against the relevant earnings. So if I can avoid paying taxes on $10 of YouTube earnings by claiming my gaming PC
by reaperman 3y ago
My understanding is that it’s only deductible against the relevant earnings. So if I can avoid paying taxes on $10 of YouTube earnings by claiming my gaming PC as an expense and getting a non-refundable $500 tax credit……I’ve still only saved $2 on my taxes by adjusting that $10 of earnings down to $0.
- yieldcrv 3y agoIf the expense exceeds your business income, you may have a net loss for your business, which could potentially be used to offset other taxable income on your tax return. as always it depends on the deduction and business and other things, but also the exception makes the rule. as in, once you find the exception, only do that.