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Level 1
April 13, 2026
Question

I started a consulting business the end of 2025 and did not make any income. How do I record that?

  • April 13, 2026
  • 1 reply
  • 18 views
I did have home office expenses though.

1 reply

Level 15
April 13, 2026

If you have no income, your home office expenses in 2025 are not deductible as the deduction is limited to the net income of the business.

 

If you used the actual cost method for the home office expenses, any unused expenses can be carried over to future years.

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