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You started a new business this year and have much more go out in deductible expenses than you earned Does one ever receive back more than they paid in taxes?
Wiki User
∙ 16y ago
Interestingly...almost 50 percent of the people pay very little or nothing and 30% of the people in the country actually receive more back in taxes than they pay. That has to do with the earned income credit and things like that. Not actual income tax.
However, even presuming your a sole proprietor, the most you can hope for is your business loss will be carried over and may be used to offset possible future taxable income. Still, a very good thing!
See: http://www.taxfoundation.org/research/show/250.html
Wiki User
∙ 16y ago
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