My business taxes were done by my cpa but I am getting a larger refund on my personal taxes by not using my loss. Is this ok...
2007-02-04 00:45:16 · 2 answers · asked by hot lips 2 in Business & Finance ➔ Taxes ➔ United States
I did my own taxes online, my cpa did only the business taxes and provided me with a K1
2007-02-04 01:15:18 · update #1
fire your cpa. it is impossible to get a larger refund by not claiming your eligible losses.
role of thumb...the bigger the eligible loss the bigger the refund.
you have a cpa and you have to ask about K1? Perhaps you really need to rid your cpa. Get IRS circular on the subject, it's free.
2007-02-04 00:56:13 · answer #1 · answered by McDreamy 4 · 0⤊ 0⤋
Something is being done wrong if you have a loss, but including it INCREASES your taxes.
Yes, you're required to submit it. But if it's a loss it will DECREASE your taxes.
2007-02-04 18:56:11 · answer #2 · answered by Judy 7 · 0⤊ 0⤋