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Self employed
The owner of the business that made a profit will pay Self-Employment tax on that income.
Self-Employment tax is the FICA tax that funds the Social Security Account of that Taxpayer.
Loss on one business does not offset the income on the other as far as "Self-Employment Tax" is concerned.
The loss will lower your taxable income for "Income Tax" computation.
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‎February 15, 2025
5:27 PM