2022 I started a small business as a sole proprietor. As I am getting going with start up costs, equipment, ect I currently have a $5,000 loss.
in my 12 years of taxes (im 30) I always took the standard deduction with my wife. Never needed to itemize. never got close to the 24K or whatever it is.
I saw a similar question asking "why bother with business expenses if I wont meet the standard deduction" and many responses were they have nothing to do with business losses/expenses.
So, as an example, if I file jointly with my wife (who will make 70K w2), can we still claims the standard deduction AND further reduce HER tax liability by my $5,000 loss?
This then leads me to my next question. December 28th 2021 I purchased some more start up equipment that was never claimed. It was $12K. Is there any way to roll that unclaimed expense to this year to further her taxes more, or should I amend and claim the 12K loss on last years taxes separate.
