I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

This is only my 2nd year filing on my own for my small independent business.

posted

Connect with an expert

1 Best answer

Accepted Solutions

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

The only refund that you would get from a business loss is a refund of any taxes paid in. You didn't pay any in.

View solution in original post

4 Replies

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

Did you pay in any estimated taxes or did you have withholding on a Form W-2?

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I never paid in estimated taxes, and I didn't have a withholding form on a W-2 that I know of.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

The only refund that you would get from a business loss is a refund of any taxes paid in. You didn't pay any in.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

This makes sense. Duh! Thank you.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

Do you have an Intuit account?

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

I took a loss on my business this year. Why didn't having business expenses help me get a refund? Once my amount owed reached $0 it stayed that way even though I was entering in new expenses.

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert