Are there situations where a business loss can actually reduce your tax refund? Both my wife and I work and have W-2s. I also have a home business that incurred a loss in 2019.
After entering all of our normal income (W2s), turbotax showed a refund due of roughly $4,500. However, after entering info on the business from my profit/loss form in Quickbooks, my refund dropped by $1,500. The business is showing a loss in turbotax of approximately $3,600.