First 1099

I lost a significant amount of money on my new freelance business this year, can I use those losses to offset my standard W-2 salary taxes?

A loss from a new freelance business can often matter on a return, but the outcome usually depends on how the activity is classified, whether there is a real profit motive, and how the loss interacts with other income such as W-2 wages. The treatment can also vary based on whether the business is a

Talk it through with a licensed KGOB CPA and leave with a clear next step. Browse more questions