Will I get a big tax return if I had more right offs than what I made?
I was a chair renter for 9 months at a salon. Now I own my own salon and work by myself. My tax right offs where more than what I made. I only made 18,240.00, but my right offs where significantly higher than that.
No unfortunately not, atleast from what I know the state never pays you tax-money back. The best thing you can achieve is to pay no taxes...
You can try to charge off your fixed assets over a greater period of time etc. but the allowed/legal methods vary from state to state so you might consult an expert in your area.
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