Streamline entries in late tax return

[globaltrader]

If my gross profit minus COGS results in a loss, is there any need to enter business expenses in my late 2021 tax return?

[Anonymous_]

You can use any business net loss to offset all other types of income.

It inures to your benefit to enter all of your legitimate business expenses.

[VolvoGirl]

Be aware, if you have self employment income you can get in trouble for not reporting all your expenses to qualify for the EIC.

[AmeliesUncle]

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@globaltrader wrote:

If my gross profit minus COGS results in a loss,

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A loss from COGS?  What unusual circumstances led to that?  Without knowing more information, that waives gigantic 'red flags' in my mind.  You may want to look through the rules to determine if this is a business, or if it actually is a hobby.

https://www.irs.gov/newsroom/heres-how-to-tell-the-difference-between-a-hobby-and-a-business-for-tax...