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Deductions & credits
@Mike9241 The business is for profit but may not generate profit the first year. Can expenses then offset W2 income? Some people said no, expenses for side business can only offset side business income. If there are no profits generated from side business, then the expenses get carried over to next year. This effectively does nothing on W2 taxable income. But you’re suggesting side business expenses can lower W2 taxable income?
November 29, 2022
9:12 PM