topic I am a Wellness Advocate for doTerra and spent more on starting up my business in 2015 than I made. Can I deduct more than I made in a year? in Deductions & credits

I am a Wellness Advocate for doTerra and spent more on starting up my business in 2015 than I made. Can I deduct more than I made in a year?

lisaanne05 — Mon, 03 Jun 2019 23:59:08 GMT

In 2015 I became a Wellness Advocate for doTerra. In order to start up my business I spent more last year than I actually made. I use some of the essential oils for my personal use but also sample the products to others. Can I actually write off more money than I made as a start up business?

If you incurred a business loss it would be deductible....

bwa — Mon, 03 Jun 2019 23:59:10 GMT

If you incurred a business loss it would be deductible. However, product that you purchased and used yourself would not be a part of that loss.

Yes. Make sure you have good supporting records and keep...

Ron_in_Tn — Mon, 03 Jun 2019 23:59:11 GMT

Yes. Make sure you have good supporting records and keep them for at least 3 years.

ron.