[hunjher]

I was wanting to know can I claim a Business loss since I lost a cleaning account? Well I get a better return or will it cost me more money?

Thanks
April

[21boat]

None of the above. Losing an account is just that. You can't claim a loss on anything unless you actually spent money on it. You also wouldn't pay more or less on your taxes unless money was already spent towards the loss account. Which at years end Is chalked as monies out in general operating expense.
You can have two business and one makes profit and one does not. But being the sole owner for both the general reported income is over all basically the same. Now if your second company took money from the other one and bleed it into and under the wire of a lower tax bracket then that could change it a little.



Signed 21 Boat

If I Helped To Answer Your Question Please Rate My Answer

[Clough]

Hi, hunjher!

Since your question really is more about taxes than anything else, I've moved your question over to the Taxes forum topic area where it will be more likely to get noticed and answered by our tax experts.

Edit: I do note that you've already received one response, and that would be by 21boat above.

Thanks!

[MukatA]

If you are a sole proprietor, then you should report business income and expenses on schedule C or C-EZ. If there is net loss, it will be offset against your other income.

[Fr_Chuck]

As a business owner you will be claiming all of your income from your business, and then you deduct your costs of doing business. You may have a loss if you spend more money than you take in,

[AtlantaTaxExpert]

All of the above are valid points.

However, it does not change the fact that you did NOT provide enough information for us to give you a cogent answer.

Please provide more details.