[Jewelry making - Article 00807] - Re: [Orchid] How to close up a business

[Al Balmer]

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>     You need to check with accountants in your state. I'm not sure how
>     you could get tax deductions without showing profit. It doesn't
>     work that way in Ohio. 

    I think he means Federal taxes. You can certainly report a business
    loss, which is a deduction from any other income you have. There's a
    limit, though. If you don't make a profit for three years out of the
    last five, the IRS is likely to deem it a "hobby" and disallow any
    further deductions for losses.

Al Balmer
Sun City, AZ
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