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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
Generally, this happens when certain credits are involved - most commonly the Earned Income Credit (EIC).
At certain income levels, the amount of EIC will fall as your income decreases. So, with each business expense, you are reducing your taxable income, which will then reduce the amount of your EIC.
If the expenses are generating a business loss, you may be losing child tax credits and child care credits.
If you still have additional income items to enter, the refund amount may go back up when those items are entered.
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
Generally, this happens when certain credits are involved - most commonly the Earned Income Credit (EIC).
At certain income levels, the amount of EIC will fall as your income decreases. So, with each business expense, you are reducing your taxable income, which will then reduce the amount of your EIC.
If the expenses are generating a business loss, you may be losing child tax credits and child care credits.
If you still have additional income items to enter, the refund amount may go back up when those items are entered.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
When you can change your mileage 1 mile up or down and this means a difference of $90 .. you know that TurboTax and the Tax Laws have their heads in their rumps.
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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As I add business expenses and write offs my refund is going down instead of up. Why is that?
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