Expert Council Q&A for 2-15-24 – Epi-3448
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Today on The Survival Podcast the expert council answers your questions on government, monetary policy, elderberries, fitness, vitamin needs, foraging, why I don’t recommend Mittleider Gardening and more.
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- In the Ron Paul Liberty Highlights
- The Senate throws good money after bad in Ukraine, again – Dr. Paul and Dan McAdams
- If you can’t end greed then may be end the fed – Dr. Paul and Chris Rossini
- When and how far back to prune elderberries – Nick Ferguson
- When do you take a side hustle into the world of the above board businesses – Nicole Sauce
- What you can do for fitness when you are on the road – Andy McCann
- Thoughts on vitamin B6 when on the carnivore diet – Ken Berry
- How to find out what local plants are available in your area – Joe Brentin
- Why I do not teach, endorse or recommend the Mittleider garden method – Jack
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At min 30, Jack says that business losses greater than total business deductions can be written off your job income.
I have been self employed and doing my own complex taxes for 25 years, and I don’t think this is correct.
The business income form, sch c, is separate from employee income.
I can’t see how you would even make this extra deduction, given current tax forms.
It isn’t a direct thing like this goes against this, but it is.
If a business has a loss, you LOST money, that reduces gross income. There is nothing complicated about that nor is it incorrect.
It would be like saying a capital loss on a trade doesn’t reduce your taxes just because there isn’t a line item on the form that says to directly apportion it against your W2 directly.
Now the business needs REVENUE for this to apply. But 10K the number here is plenty. Yes it is a schedule C but that reduces taxable income. If your CPA can’t explain this, get a new one.
I made a mistake, and meant to say, “business deductions greater than business INCOME.”
Jack, you are totally correct and I should have known this.
Sch C is business income or loss, and clearly a business loss is just a negative number 🙁
Yea but I get where you were coming from. I made it sound like it was a direct deduction but it is a “final deduction” I guess is a more accurate way to look at it. The W2 income is what it is, reported as it is, the business loss comes off at the end.
Could I bother you for the website that the living free in Tennessee lady mentioned regarding tax advice news letter for entrepreneurs.
I’ve played it back several times, but can’t seem to find anything when I search what I think she’s saying.
https://www.agoristtaxadvice.com/
Perfect
Thank you.
I now see in addition to my tax structure I need to work on my spelling skills…
Hi Jack,
Nicole mentions to sign up for Mathews email. But I couldn’t make out the information to subscribe.
Thank you.