- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Congrats on the new business!
If you do have a net loss this year, it will flow through to your 1040 and reduce taxable income generated from other sources.
Re deducting business miles, yes you should keep a log of business vs personal so the proper allocation of expenses can be made. There are many apps available to help with that.
Best wishes,
teri
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎August 30, 2023
11:57 AM
732 Views