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Level 3
April 9, 2024
Question

Schedule C

  • April 9, 2024
  • 2 replies
  • 16 views

Hello

This is my clients second year filing a schedule C. Year one he had a profit of $1200.00. This year his income from the business was only $800. However, he paid over $31,000 in marketing expenses my concern is there a limit on how much of a loss can be deducted on a schedule C? He had no startup expenses the first year.

Thank You

BG

 

 

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2 replies

Just-Lisa-Now-
Intuit Community Champion
April 9, 2024

What kind of marketing did he do for 31k?  What kind of business is it?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15
April 9, 2024

Sounds like he bought into some program/system.

What kind of business is this supposed to be?

The more I know the more I don’t know.
rbynaker
Level 13
April 9, 2024

<sniff, sniff>  Smells like a scam.  Doesn't mean it's not an ordinary and necessary scam.  How's the 2024 business shaping up?