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Old 11-29-2012, 07:50 AM   #12
Cloudsmoker
is one Smokin' Farker
 
Join Date: 10-30-11
Location: Dallas, TX
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Assuming your personal adjusted gross income is sufficient, you can certainly deduct business losses on your personal tax return. Again, not a tax accountant by any means, but that's one of the main ideas. The issue you'll face is that sooner vs. later you'll need to show some positive revenues and earnings or the IRS may consider this is "hobby", not a business.
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