My husband and I started a new business in 2020 just when the COVID pandemic hit. Since then we have nothing to report on our taxes for the business. How long are we able to prolong filing taxes for the business and are we able to write off any losses? We took out a home equity loan to start this business and have paid interest on it for 3 years. Also, we withdrew funds from an IRA account to pay off $30K of the loan. How will this impact our taxes? Thank you for your advice!
