I work fulltime and own a small side business making cosmetics from my home.

I started my own cosmetics business this year and have occured around $6000 in start up costs and although I have advertised and have a website I have not made a penny.

Question: If I file a schedule C with my total losses will that deduct from the income tax I have to pay for my other fulltime job? (also happens to be in the cosmetic industry)

It used to be that people didn't have to pay taxes, if they didn't earn anything from their bussnes. I would recoment you to talk to tax adviser, I think that is what their called, about it. Good luck to you and I hope I was of help.

Lora

If you are unclear, seek a professional advisor. If all of your investment is at risk, and your expenses are legitimate, the loss is reflected on line 12 of you Form 1040.

Great luck in your business!