Paying amount owed with business loss

TxCatLady1 — Sun, 14 Mar 2021 21:56:00 GMT

Couple of questions. I'm at the Smart Review. I owe taxes but I also have a business loss for past two years. Will I be able to apply that toward the amount owed? I'm disabled, retired but trying to build a client base for bookkeeping. Also, is it a real person who does the reviewing? If they feel I could have done something different would I be informed by someone? Thanks in advance.

Re: Paying amount owed with business loss

Cynthiad66 — Mon, 15 Mar 2021 17:05:43 GMT

No. You will not be able to use your business loss as an offset to your balance due. Also, it is not a real person doing the review of the return in the Smart check. However, if you would like a real person to review before you file, you have a few options.

tax expert written response is a way for you to talk one-on-one with a tax expert and get advice about a specific part of your return right before you file. You can also schedule a talk live session instead.

To get a written response:

Sign in to your TurboTax Live account.
As you proceed through the Review section, on the Let's get ready for your expert review screen, select Continue.
On the next screen, we'll check that all your calculations are correct, you have all the required tax forms, and there's no missing data. When everything is good, Continue.
Select Yes, I have questions about my return.
You'll have the opportunity to tell us about what you'd like our tax expert to focus on. It's important to be as specific as possible in your question so that your tax expert can tailor their response to your situation.
Select Get a written response.
Confirm your question and select a topic related to your question. You can even upload additional documents if you think they'll be helpful.
When you're ready, select Submit for review to send your question to your tax experts.

What can I expect next?

After submitting your question:

You'll receive an email notification confirming that your question has been submitted
You'll receive another email notification when your written response is ready, usually about 24 hours later.
In your email, you’ll be directed to log back into TurboTax where your tax expert's written response will appear in My tax home.
You won't be able to reply to your tax expert’s message, but they'll include instructions on what to do if you still have questions.
No changes will have been made to your return by the tax expert, so it's up to you to consider and implement any changes your tax expert recommends.

The tax expert's message can be accessed anytime via the floating Live help button in the bottom right corner of any TurboTax Live screen. Select See my Contact History to find your written response.

Use This Link for other options:

How to get a written response from a Tax Expert

Re: Paying amount owed with business loss

TxCatLady1 — Mon, 15 Mar 2021 21:14:52 GMT

Thanks for your response. I have another bookkeeper colleague who said she could provide me with a couple of CPAs who could help me. If that doesn't work out, I'll be sure and use the information you provided. I'm feeling very dejected at this point. I must have misunderstood information I had found when I Googled about the loss. Thanks again for your help.

topic Paying amount owed with business loss in Deductions & credits

Paying amount owed with business loss

Re: Paying amount owed with business loss

Re: Paying amount owed with business loss