Due to a business loss, my net income this year is appx. -$10k (I lived off of savings the entire year). This might be a dumb question, but why do I still owe taxes? Most of my income is from being self-employed (1099s) - do I still owe income tax and self-employment tax on that income even though my net income for the year is in the negatives?
For context, I'm a filmmaker, so I made the money to produce a film back in 2020 and 2021. I spent most of that money on said film in 2023, hence the negative net income. Thanks!
