Posted this in the wrong forum, think it's better suited to here. Began business in October 2010. Have yet to pay any tax but obviously the time has come to empty my pockets. I've all receipts/expenses recorded, it's only the small matter of figuring out the final figure now.
October 2010 - December 2010 = loss
January 2011 - December 2011 = profit
January 2012 - October 2012 = profit
Is it okay to deduct the net loss from 2010 from the net profit figure in 2011? Do I need to file a return for 2012 or can I just pay 2010/2011?
Thank you.
October 2010 - December 2010 = loss
January 2011 - December 2011 = profit
January 2012 - October 2012 = profit
Is it okay to deduct the net loss from 2010 from the net profit figure in 2011? Do I need to file a return for 2012 or can I just pay 2010/2011?
Thank you.