- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you add more expenses and reduce the Net Profit or increase the loss on schedule C it will reduce your total income and you may not be getting as many credits as before. Also after you reduce your income to zero there is no more refund to get back but you still may owe for other things like self employment tax or the 10% early withdrawal penalty from 401k or IRA accounts.
May 13, 2021
11:16 AM