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Income tax question for people who are self employed or have a small business

SO probably a dumb question, but i have been working on our taxes and i got all the numbers plubbed in with income, deductions, depreciation, business expenses, etc. WHen i am done and review everything, on the line where is says your taxable income is has ours is "0". It has the standard deduction being taken because it said we dont ahve enough to itemize. Has anyone else had that situation? It just seems odd to me.

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Asked by Anonymous at 4:40 PM on Jan. 28, 2013 in Money & Work

Answers (2)
  • Not sure what program you are using, but I am assuming that means your deductions are more than your income, and your business is showing a LOSS.
    Remember the deductions that your business itemizes are different than the deductions from your HOME.
    When all else fails, don't ask CafeMom, ask an accountant.

    Answer by PartyGalAnne at 4:49 PM on Jan. 28, 2013

  • And this is why we pay someone to do our business (and personal) taxes - no questions, lol! Very much worth it to fork over money to make sure everything is right IMO!

    Answer by idareyou at 5:58 PM on Jan. 28, 2013

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