I also have income both years as an employee, so I know I can deduct the business losses for 2016 against my other income. However, I'd rather claim the business expenses for 2017 when I have business income. I had no business income in 2016.
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You must claim your expenses in the year you paid them. As a cash basis taxpayer, you report your income in the year you receive it and your expenses when you pay them, and there is no option on when to claim either.
You must claim your expenses in the year you paid them. As a cash basis taxpayer, you report your income in the year you receive it and your expenses when you pay them, and there is no option on when to claim either.
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