If I make $25,000 with my side business and have $50,000 in expenses, I lose $25,000. When I do my taxes, I can deduct the $50,000 in expenses but do I also deduct the $25,000 in losses? That seems like deducting the same thing twice. Further, if I make $100,000 in income with an unrelated 9-5 type job, do I get to deduct the losses against that income to reduce my tax burden? Thanks for any insight!
