Reporting a loss, and hence saving on tax?
We were tried opening a daycare in our basement, payed $5000 to a daycare company, this was the fee to associate with them, and they were also going to help guide us through the setup process. We did the setup, there were a few showings for kids/families, but the daycare never took off because we could never have enough kids. So it did not even give us an income of a single dollar.Could I show the ($5000) expense as a business loss, and hence save tax on this amount. I have the receipts for it.