As an independent consultant I made over $100,000 in 2016 and several years before that. I was able to to take home office, business expenses etc. to reduce the tax liability. However, in 2017, I only made $1500. I am still using my office, still trying to gain new business, looking for full time job, and meanwhile am compiling my 30+ business articles into a book. Can I take more than the $1500 in 1099 income on my 2017 taxes? Is there a rule of thumb I can follow? thank you.
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You will "claim" all business expenses. Once those deductible business expenses get your taxable business income to zero, that's it. The remaining expenses are carried over to next year. But if you don't claim those expenses in the year they were incurred, then you can't carry them over.
can you give an example of how these expenses that are claimed but not deductible... are carried over? Where? Does Turbo Tax automatically do it?
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