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Gambers516
Level 2
May 18, 2022
Question

BUSINESS EXPENSES

  • May 18, 2022
  • 1 reply
  • 12 views

MY CLIENTS BUSINESS HAS BEEN GENERATING INCOME FOR FOUR YEARS. HOWEVER, THIS YEAR THERE IS NO INCOME, ONLY EXOENSES. CAN I DEDUCT THOSE EXPENSES?

 

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1 reply

IRonMaN
IRonMaN
Level 15
May 18, 2022

Was he still in business?  What were the expenses for?  Why was there no income this year?

Why all of the shouting?  Everybody's hearing here seems to work fairly well so you really don't have to shout.

Slava Ukraini!
    G
    Gambers516Author
    Level 2
    May 18, 2022

    Yes, he is still in business. He sells a product he makes. he's made product, it just hasnt had sales this year. His expenses are for the depreciation of his equipment and costs of materials, as well as sho rent and utilities. PS: I will try to keep it down.

     

    IRonMaN
    IRonMaN
    Level 15
    May 18, 2022

    If he is still trying to sell the stuff, he should be able to deduct some of the expenses.  But keep in mind that if some of those expenses are overhead they might need to be factored into inventory and not deducted until the products are sold.

    Slava Ukraini!
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