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Get your taxes done using TurboTax
@Mike9241 you said, "if you take 179 on $30K of computers and your business income is more than $30K (in your case it is)" but @Brad4iu said his business income was only 400$
His W-2 wages were well in excess of 30K but not the Schedule C income from mining.
Reading this entire thread has me confused. Can someone Section 179 assets, thus creating a net loss for their Schedule C, BUT THEN leverage their W-2 Income Taxes to pay overall less Taxes for the year? Reinforcing that the W-2 Wages have absolutely no relation to the Schedule C(in @Brad4iu cases his crypto mining).
‎April 9, 2022
6:51 AM