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louiflex
New Member

I own a Business that started in 2018, no revenue, only expenses. I filed my personal taxes. Do I need to amend my personal taxes?

 
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AlanT
Expert Alumni

I own a Business that started in 2018, no revenue, only expenses. I filed my personal taxes. Do I need to amend my personal taxes?

You do not have to amend your taxes to include your business loss.  However, you are able to deduct up to $5000 in start-up expenses which could reduce your taxable income and give you a bigger refund or lessen the tax you owe.  

If you decide it is worth it to file an amended income tax return, wait until your original income tax return has been processed before you file the amended return to avoid delays.  

 

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