Quote:
Originally Posted by zumojuice
if you make no money on a job - what exactly are you being taxed on? or merely does the tax man need to know you tried so he can laugh at you.
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Exactly that. They see it as working with the intention of making money; even if it results in a loss. So you would just have all your time, costs etc for the job, but in your 'earnings' you would show a 'zero'.
I suppose it helps if you are trying to claim expenses but made no money; you need to show where those expenses originated from.
I know, because I will be working at a loss this year! lol