Can a Side Business Help Reduce Your Taxes? | Small business news; tips; networking | BizSugar

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Can a Side Business Help Reduce Your Taxes?

Can a Side Business Help Reduce Your Taxes? - http://mashable.com

Posted by Nellie Akalp under Taxes
From http://mashable.com 4032 days ago

Nellie Akalp, CEO of Corpnet.com, shares how entrepreneurs working full time can save on their taxes by starting up their dream venture on the side in this Mashable post.

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Written by AngelBiz
4032 days ago

I would caution against setting up a side business just for the purpose of tax deduction. IRS will give you a pass for first few years if you don't show profit and take the loss deduction on personal tax return. However, continuing like this for several years will raise the flag and bring IRS audit.

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