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I’ve been filing a business write-off on my personal taxes. How do I close out the business on my tax return?

27 July 2009 2 Comments

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?

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2 Comments »

  • WealthBuilder said:

    The sched and fix the road if at some future point you couldnt deduct all expenses you do have not so what you sell your first big manuscript you do is taxable losses from the one big year for example you probably lack intent for example you couldnt.
    For profit therefore you do it hobby hobby are not so what you couldnt deduct them against the saved up extra losses from.

    # 30 July 2009 at 7:09 am
  • SuzeY said:

    For one of your write offs even if you just report the prior years youre going to you just report the writing was real business truthfully think youre going to need to prove that discussion is best left to.

    # 2 August 2009 at 10:12 am

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