Reduce your startup's payroll taxes through the new Federal R&D Tax Credit

Re:Reduce your startup's payroll taxes through the new Feder... by uiri on Tuesday June 27, 2017 @03:49PM (#14648736)

I am not an accountant.

You may use a loss from a side business in order to offset W-2 income. No need for complicated tax credit forms. Look into the IRS rules around hobbies as they may get suspicious if your "business" loses money for years on end.

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Re:Reduce your startup's payroll taxes through the new Feder... by toomuchtodo on Tuesday June 27, 2017 @04:39PM (#14649195)

This is accurate (I take losses on an LLC occasionally against W2 income).

Regarding business vs hobby criteria: https://www.irs.gov/uac/business-or-hobby-answer-has-implica...

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