How much tax can be deducted on my incorporated business and on my regular job? Had a regular job before opening a business.?

Few months ago I opened an incorporated business. My business is located in Illinois. I had more business expenses than income in 2018. How much money can I deduct on taxes from my personal business? I also had a regular employment before opening a business. How much money can I deduct on in? Business expenses over $20,000. Regular employment expenses over $7,000.


Things are different under the new tax law. Employee business expenses are no longer deductible. Your business has to file it's own tax return since it's incorporated. It's either an 1120 or 1120S depending on how you've chosen to be taxed. Profit or loss from an 1120 does not flow through to your personal return and there are no deductions to be taken there. An 1120S does flow through via a K-1. Sound like you don't understand how this works at all. You need to sit down with an accountant (which you should have done before you started your business) to find out how this all works and to file at least your corporate return. An S Corp return is due by 3/15, a C Corp by 4/15.


This will not fly with the IRS. expect an audit. And startup expenses must be amortized