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Deductions & credits
if the activity is a business (not an investing activity) engaged in for profit, losses can offset other income. whether you actually have a business depends on the answer to those questions. there is also the issue of start-up costs which if small enough are the deductible in the year the business becomes active.
generally, I would advise you to consult with a tax pro who can assist you in your endeavors. opening a business is one thing but keeping good records but finding out what taxes (other than filing with your personal tax return) you would need to collect and to file returns for is essential. one of the most common is sales and excise taxes. the laws vary greatly from state to state
‎November 29, 2022
9:26 PM