topic Re: refund/deductions in Deductions & credits

refund/deductions

eligg2815 — Mon, 20 Jul 2020 23:24:49 GMT

I did not have any income tax deducted from my wages and i have a business. My expenses exceeded my income but I did not get a refund? Is it because I did not have any taxes deducted from my income?

Re: refund/deductions

Anonymous — Mon, 20 Jul 2020 23:29:51 GMT

it is quite unclear what type of business you had. if you were self-employed (ie Schedule C) you would have no wages. Without wages there would be no withholding. if this business operated at a loss and you had no taxable income there would be no refund.

Re: refund/deductions

Opus 17 — Tue, 21 Jul 2020 16:06:33 GMT

I don't understand your question.

Start by printing out and reviewing your tax return. While the laws that control what items go where are complicated, the form is a straightforward math problem, addition and subtraction.

If you had a regular W-2 job that will be taxable income. If you also have a self-employment business, that had a loss (expenses more than income) that can sometimes offset the taxable income from your W-2 job. Even if it does not offset, you would not owe tax on your W-2 job unless you earned more than $12,200.

If you had owed no taxes, and paid no taxes, why do you think you would get free money? (A refund that was more than your tax.) There are some credits that will pay you even if you don't owe tax (child tax credit and EIC) but you generally have to have earned money from working. You didn't earn any money from working at your business, and you don't say your age or if you claimed dependents. So generally, if you paid no tax and owed no tax, why do you think you should have gotten a refund?