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Submitted 248 days ago...

burnsren

burnsren

New User (2)

Federal income tax

My husband works for himself but we had a hard year last year and had to use credit cards for some expenses. In figuring our taxes it seems that his deductions are more than he earned. Will showing a loss of business cause an audit?

 
 
 
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Submitted 172 days ago...

Costa618

Costa618

Contributor (87)

Showing a consecutive loss of more than 3 years puts up the old red flag. If this is your 1st time then you have nothing to worry about. The amount of the loss is a bigger red flag trigger than the preceding.

 

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Costa618

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