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I started a home Based Business this year and have made no money this year with my business. Can I claim a total loss on the business? If so do I just add up what I lost like Money I spent on school for my fience to run the business, Half of rent, Half of Utiliys, Cellphones, DSL, Fax service, Website and host fees, laptop computers, and so on.

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You are entitled to get some tax benefits if your business expenditures has been more than that of business income. You can subtract this loss from your total income (from other sources) in a given year. If the loss exceeds your total earning in a given year, then you'll qualify for Net Operating Loss. Once you qualify for it, you can use it to lower your tax liability for the previous and future years.

Sub: #1 posted on Fri, 12/31/2010 - 20:54

Good Nelly Good Nelly
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Thanks for the reply. I made nothing so I can write off half of rent,utilitys,phone,dsl and so on right? I added it up and I have around 9994. In loss this year. Thats 4170 in rent, 2000 in school 384 in dsl, 1080 in cellphone 120 in fax service, 240 in hosting service, 1200 in computers. 800 in utilties. I I doing this right? I also worked a full time job as well. I gross was 31,380.00

Sub: #2 posted on Fri, 12/31/2010 - 22:18

davidsmeridian00 davidsmeridian00

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It will be better if you could get in touch with a tax adviser. He or she will go through your financial documents and let you know what kind of tax benefits you may get.

Sub: #3 posted on Fri, 12/31/2010 - 23:29

Anna Sweeting Anna Sweeting

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