Question by Bob Jackson: Small Business loss. Taxes. How does it work?
I have operated an LLC for 1 year now an d I’m getting ready to file with HR Block premium. My business expenses total over $ 20,000 dollars. The business made about $ 6000. I work and have a daughter also and made over $ 11,000 there. How will this be treated, what will happen. Will I get a refund…money back from my loss….please explain. Thanks!!
Best answer:
Answer by Bash Limpbutt’s Oozing Cyst©
Not nearly enough information to say. Without knowing what the expenses were for it’s not possible to determine if you have a taxable profit or loss for 2010 from the information provided.
What do you think? Answer below!
You don’t get money back to reimburse you for part of your loss, but you’ll probably get a refund due to your daughter. If some of those expenses were start up expenses, you don’t deduct them all the first year though.