I’ve been filing a business write-off on my personal taxes. How do I close out the business on my tax return?
A web user asks, I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?
Can you help them out? Post your advice!
Related Items:
- What are the tax filing requirements for a final return?
- How would a business owner, all their life, write a resume to become an employee?
- Does My Small Business Need To File A Tax Return?
- Home-based Business. What if I have next to nothing coming in for how much I am deducting in taxes?
- Ending A Home Based Business – What Are The Tax Implications?