In the past, my taxes has been pretty straightforward and easy to file. All i had was a W2 for my wife and I, and that was it.
2020 is a bit more complicated as last year I decided to open an ecommerce store and started investing as well. The store has done about $50k in revenue but we still ended up losing money mainly due to the cost of advertising. My investments also lost as well as I ended up selling them at a loss.
– What program should i look into? I used the H&R Block online version in the past, should I stick with that?
– Would I be able to deduct all of my losses from my ecommerce and investments? I'm guessing i wouldn't need to pay taxes on either since I didn't make any money at all but I will pay taxes from my W2 job.
-Any other helpful tips that I should know before filing?
Thanks so much for the help!! I searched reddit and the web for some answers but didn't find anything helpful. I was considering hiring a professional but prefer to save some money since I lost so much money last year.