Unless your business is registered as a Corporation you may be subject to excess business loss limitations. Let that sink in for a while.
In AMERICA you can no longer report losses of more than $250,000 in any given tax year … unless of course your business affairs are incorporated.
This shittiest of the #Stoopid Tax Cut & Jobs Act reporting requirements – IRS Form 461 is but one of many new mind numbing forms. If you don’t believe me, check out line 13 of the form – my personal fav:
“If line 12 is a negative number, enter it here as a positive number. If line 12 is a positive number, enter it here as a negative number.”
IRS Form 461 Line 13
What the ….?!?!
Why must we use the tax code as some sort of social engineering tool?