Started a business in 2016 and filed to include that in the taxes? Do I need to amend my taxes? No income has been received.

[Melaine · Accepted solution]

Based on the IRS requirement, if your business makes less than $400, you do not have to file a business return.  Please see the IRS interactive questionnaire Do I need To File A Tax Return to determine, with accuracy, if you have to file a return or not.  

While you may not have made any profits, if you have expenses, you may want to file a business return with Schedule C to claim them.  If you do not claim your expense in the year you pay them, you may not be able to deduct them in the future when you do have income.  Please read the following article to guide your decision; IRS Publication 334  It will provide you with advice on filing if you have any expenses, such as the cost of a business license.

If you have already filed your return and did not include this, you can amend your return using Turbo Tax FAQ below.  But don't worry you generally have 3 years to amend your taxes, unless you will owe, then it would be best to do it as soon as possible after getting your refund, to avoid penalties and interest.

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