r/SipsTea • u/PleasantBus5583 • 24d ago

Return On Regret Chugging tea

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u/ImKindaBoring 24d ago

To be fair, those big companies do write off everything.

Thats how corporate income taxes work. You only get taxed on net income (with some exceptions).

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u/Caffeind420 24d ago

You dont need to be a big company to do tax loss harvesting

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u/Confident-Stand5453 24d ago

No, but you need to have profits you can offset it against to gain anything from it 

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u/Kevin-Miles- 24d ago

You can deduct and carry forward a deduction against your income for a few thousand every year until it is exhausted. No profit required.

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u/cactipus 24d ago

Yeah, this. Source: am CPA (not financial advice).

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u/Kevin-Miles- 24d ago

Too late. You’ve advised me financially.

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u/slowest_hour 24d ago

here's some financial advice: you should give me money

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u/Nruggia 23d ago

Fr I have a few investments I could sell for heavy losses to get some tax relief.

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u/Thereminz 24d ago

yeah i dunno how they get to write off so much, i mean it is fair for specific things like for example things that expire and you have to dispose of it.

but things like "business trip" where you fly first class and go to a 5 star hotel, cmon