I need help balancing a small business loss this year and using it in a future positive years so I can qualify for a house this year I have a tough tax question in regards to how a small business loss would work. I have income from two sources, I'm a 1099 contractor and was paid 130000. I also have a LLC business in the same type of work where I made 63000. I'm a 50% owner in this business. I bought equipment for 38500 during the year, had 20500 of write offs like hotels, taking clients out to eat, and hard costs for running my LLC, etc. I also paid out 100600 in commissions to my sales reps/techs and paid myself 33000 in commissions. I also have a car deduction of 23000 for miles driven during the year. I'd like to claim around 40000-45000 on my personal taxes so I can qualify for a mortgage. My question is how can I maximize all of my deductions and expenses to achieve this. I know that I can take a loss on my business this year and deduct it off a future year. Currently my business is valued at around 100,000 and I plan on selling all of it in 2-3 years for 2-3 times that amount so I'd like to deduct what I'm investing now to reduce future taxes. Because the equipment I bought was used for my 1099 job and my LLC, can I deduct that once wherever I want? Any help would be appreciated, thanks. |