I like that my federal balance is less from my side business expenses, but I am worried this could cause trouble with IRS.
You'll need to sign in or create an account to connect with an expert.
Yes, you are good.
As long as the you have the documentation to support your losses and the losses don't continue for several years in a row you will not face trouble with the IRS. Self-employment is risky and uncertain, so the IRS understands you will not have profit every year.
Yes, you are good.
As long as the you have the documentation to support your losses and the losses don't continue for several years in a row you will not face trouble with the IRS. Self-employment is risky and uncertain, so the IRS understands you will not have profit every year.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Fuzzy Red Baron
Returning Member
Irasaco
Level 2
MiniMe
Returning Member
BobK59
Level 2
uzonduisrael
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.