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Updated over 6 years ago,
My First Year's Taxes Vs National Average On Schedule C
I am new to this forum and would like some advice i am a wholesaler and this is my first year in business recently open an online IRS Filing account and upon filing my return i received this profile of folks within my income bracket.
From the assessment attached is it fair to say that most entrepreneurs within my income bracket based on Wages incur/file a 3X Loss to Income Ratio??
Reason is i did not take advantage of all my deductions so as not to raise red flags but having seen this profile report from the tax software i am beginning a trend. For one i missed out on a deduction of an additional $3,000.00 for Utilities.
P.S. (I also work a few hrs pt day job)
Plz advise on this report
Thx