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Retirement tax questions
Did you claim your business expenses? You claim your expenses even if you didn't have any income. To be deductible, a business expense must be both ordinary and necessary.
An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary. Irs.gov
Business losses on Schedule C can offset your other income. However, if the loss is attributed to the business use of your home (home office), then it cannot be used to offset other income.
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‎February 24, 2022
11:18 AM