Am I eligible for a small business tax break if I had no income but expenses for 2018? If not, should I hold filing and hold submitting expenses until next year?

[VolvoGirl]

You only report expenses in the year you paid them.  You can't hold them for next year.  You can show a loss on schedule C.  The new QBI qualified business income credit is if you have a profit.  

[emailjrrussell]

Thank you for your response.   Although I listed my home office as well as depreciation of assets such as computer etc. for the first year in business, the software did not show any losses for  2018.

[VolvoGirl · Accepted solution]

Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it. 

[emailjrrussell]

Thank you very much.  Your answer was very help and appreciated.