I am here on a L1B visa and my wife is on a L2 visa with an EAD card. I take from reading some posts that I can open a business on my name and have her work for me or even she can open a business with me as a partner .
However my questions is for purposes of taxation , can I write off expenses or losses from this business and in turn reduce the taxable income from my monthly job. I take it that if I can do that I will have to add any profits from that business as well.
Can we conduct this business in the US ? If not the US can we conduct this business outside of US say like a service based business ?