I've filled out Schedule C with a number of business deductions totalling ~18k, yet my total tax due remains unchanged. Are there reasons Schedule C isn't allowed?

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I've filled out Schedule C with a number of business deductions totalling ~18k, yet my total tax due remains unchanged. Are there reasons Schedule C isn't allowed? Is this tied to a threshold of revenue, profit, and/or taxes paid from the business?

TurboTax Business Windows

Cindy0H

Level 10

As long as you answered you are At Risk for the loss, then there is no limit as to how large the loss can be. Make sure that is marked correctly:

Business
Business Expenses
Edit your business
At the bottom of the page...Final details...special situations...those should NOT be checked

Now it is possible if you have a large loss you might not have enough other income to fully absorb it and may have a Net Operating Loss.

I've filled out Schedule C with a number of business deductions totalling ~18k, yet my total tax due remains unchanged. Are there reasons Schedule C isn't allowed?

1 reply

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