How to deduct tax losses if your business fails

You started a new business with enthusiasm and hoped it would succeed. You worked hard and gave it your best shot.

But things don’t always work out. Your business may fail, and that’s when the IRS may tell you that the “hobby loss rules apply.” This means you’re going to lose some and perhaps all of your tax deductions for this failed business.

But don’t give up hope! If you worked hard at your business, kept decent records, and tried to make money, you did have a business and that unfortunate business failure should produce tax deductions.

We’ll tell you how to set Uncle Sam straight when you read my new article titled Tax Tips: Tax Deductions for Failed Business.

Three ways our fact-filled article can help you:

1. We’ll tell you what the IRS may say to you. The fact is, the IRS may say any darned thing they want to when they show up to discuss your failed business. Don’t worry about their accusations. What you need to provide them with is proof! You’ll get the details when you read the full article.
2. We’ll explain how you should handle the IRS if they want to deny your deductions. What you need to do is prove that you were running a real business and weren’t simply indulging in a hobby. Anything you can do to make that case will serve you well as we’ll explain when you read the full article.
3. You’ll learn why keeping good records is so vitally important. You can prove to Uncle Sam that you were running a serious business if you can produce receipts, books of account, and a time log. And that’s just for starters. You’ll get the whole story when you read the full article.