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Activity Forums Q & A Startups Do losses in LLC with S Corp and one owner/employee affect personal income taxes?

  • Do losses in LLC with S Corp and one owner/employee affect personal income taxes?

    updated 3 weeks, 3 days ago 0 Member · 1 Post
  • Charles

    Member
    October 27, 2019 at 12:32 am

    I make income through my business, an LLC with S Corp of which I am the only owner right now. Besides I also make income through a W2 employment. My spouse also has W2 income. If I incur loss in my business, can the loss be used against the income me and my spouse make when filing personal taxes? Last few years the business made profits. This year I will incur loss, especially if I go ahead with a plan I have which will lead to upfront expenses/investments (which will hopefully help the business in the future). – by hq overview Krishq overviewFin – –

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