Free Consultation|USA Only +1 (866)754 4460|Outside USA +1 (516)822 3100 or +1 (631) 623 5100 - Website Logo
  You are here : Home  >   Services  >   Business Tax  
TESTIMONIALS - Testimonials  

Reportable Income For Taxes

Reportable Income For Taxes!
Existing customers please login to check the status of your order at Infotax Square Login here (0) (0)
0/5 stars (0 vote)
Category : > Business Tax
Posted On : Thu Nov 25th,2010

Reportable Income For Taxes!

I started a business this year but did not make any money. Do I need to report this on my tax return?

Answer: You should report any gain or loss you made on the business even if you did not make any money. In many situations a business loss can offset other income.

Example: A taxpayer starts a business in October 2004. The taxpayer spends $10,000 on different business expenses, but money only starts to come in during 2005. The taxpayer reports the $10,000 loss on his 2004 tax return and it lowers the taxes he would have otherwise had to pay on the money he made during the first part of the year.


Committed to give our users most updated news!
For instant news please subscribe at

Leave Your Comments
Your name :
Email Address : Will not be published
Please enter your email if you want us to send answer to your email. We have a strict policy of not to share your email address with any other party.
Your message :
Insert these letters into the textfield below: (required, case-sensitive): LKQYY
Do you want to Subscribe for
InfoTaxSquare Business News Bulletin?
Comments (0)
Load More
No Comments found, Be the first to write comment

Copyright © 2010, Infotax Square All Rights Reserved. - Allows Payment Processing With Visa, MasterCard, American Express and Discover
Terms and conditions, features, support, pricing and service options subject to change without notice.