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What It's About
A listener is wondering about saving money on his tax return. If your side hustle isn't profitable, can you deduct the losses?
Notes from Chris
Episode 1414
This listener’s new side hustle lost money this year. Hopefully that will change in 2021, but for now—is there a silver lining in being able to deduct losses from his income taxes? I’m no tax expert, but thankfully there’s a pretty simple answer to this question."Hi Chris, this is David from Denver and I’ve been listening to the show for a couple of years now. I have a question about taxes. I know you say not to spend much money on an unproven idea, but it was hard for me to get going without investing some cash. So far I’ve spent around $2,000, and the business won’t make a profit this year. Hopefully that will change soon, but for now, can I deduct the expenses on my federal income tax return? "Listen to today's episode to learn more...
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