I have a job where I get W-2, investment income with capital gains, and single-member LLC. After submitting my W-2, investment income I owe about $1k in taxes. After submitting my business income and expenses my business incurred a lost of $4k from consultation, fees, advertisement, etc. I was expecting the taxes owed to drop significantly but to my surprised it was unchanged. What's going on?
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Thanks for the tip. I went back to the Business section where Sch C is. I figured the Active Role might be cause so I change the answer from "No" to "Yes". Right after I selected "Yes" it was able to offset my entire tax owed with some tax return back. The reason I selected "No" before was because I really don't spend much time on this business because its automated.
A couple of thoughts:
Thanks for the tip. I went back to the Business section where Sch C is. I figured the Active Role might be cause so I change the answer from "No" to "Yes". Right after I selected "Yes" it was able to offset my entire tax owed with some tax return back. The reason I selected "No" before was because I really don't spend much time on this business because its automated.
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