Question

I run a Network Marketing business & my expenses (tools, associations) is greater than my income for past several yrs. Can I deduct the expenses (I have all the receipt)?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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Can I deduct the expenses as long as I have all the receipt or can I only show deductions less than or equal to my income? My expenses have exceeded income for >6yrs.

A

AnnetteB6

You can continue to deduct your expenses even if your business then shows a loss. However, you do need to be aware that continuing to show a loss year after year can become a red flag to the IRS. There are a number of things to consider though.

For a more comprehensive discussion on this topic, see the information below. It was posted a number of years ago, but the information is still very valid.

https://ttlc.intuit.com/replies/3904839

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