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Posted by Latest Market Trends on July 31, 2024 at 12:21pm 0 Comments 0 Likes
You can carry the above mentioned losses to reduce your taxable income in future years. Furthermore, W-2 wages cannot cover business losses. Spousal income is also taxed separately and may result in a tax bill even if business losses exceed the spousal income.
#Business #TaxBill #w2wages
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