You can login if you already have an account or register by clicking the button below.
Registering is free and all you need is a username and password. We never ask you for your e-mail.
Well when did you have the loss? In 2017? Then take as much of it as you can when you file your return. But you can't write of more than your income I don't believe. I'm not an accountant but I've owned my own business for a long time. I think you're going to need to spread that out over a number of years. So yes you can max out your deductions and you should be okay. But, I'd call a "good" CPA and ask them.
It qualifies for a 10 year carryover which is nice. I am aware that the maximum you can claim is the tax witholding for that year (Example if you paid 25K in taxes, you get 25K back). However, I am simply wondering if applying the carry over into my W4 is a good idea, or if i should apply it during filing instead. Time to go find a good CPA
Well your W4 just tells your employer how much to deduct from your paycheck. If you anticipate that you're not going to own any taxes for the next few years, then yes max that out. There is no point giving the Gov your money, just to have them send it back at the end of the year. But be sure what your tax liability is really going to be before you do it. FYI, all owed taxes must be paid to the IRS by the end of the year Dec 31, otherwise you'll have to pay a penalty.
view the rest of the comments →
[–] ilikeskittles ago
Well when did you have the loss? In 2017? Then take as much of it as you can when you file your return. But you can't write of more than your income I don't believe. I'm not an accountant but I've owned my own business for a long time. I think you're going to need to spread that out over a number of years. So yes you can max out your deductions and you should be okay. But, I'd call a "good" CPA and ask them.
[–] 0110001111 [S] ago
It qualifies for a 10 year carryover which is nice. I am aware that the maximum you can claim is the tax witholding for that year (Example if you paid 25K in taxes, you get 25K back). However, I am simply wondering if applying the carry over into my W4 is a good idea, or if i should apply it during filing instead. Time to go find a good CPA
[–] ilikeskittles ago
Well your W4 just tells your employer how much to deduct from your paycheck. If you anticipate that you're not going to own any taxes for the next few years, then yes max that out. There is no point giving the Gov your money, just to have them send it back at the end of the year. But be sure what your tax liability is really going to be before you do it. FYI, all owed taxes must be paid to the IRS by the end of the year Dec 31, otherwise you'll have to pay a penalty.