Yes, you can still
claim business related expense, even though you had no profit, which is common in the first couple years.You can also claim income without the need of a typical reporting form. You can add up all of your income from sales/services and enter it once.
As
a Business, you are considered to be self-employed. You report both income (if
any) and expenses on Schedule C/Business Income & Expenses.
Most people get a
Form 1099-MISC in the mail when they do contract or freelance work and
make over $600.
Since you didn't
receive a 1099-MISC, you can report other income simply by following the
instructions below:
1. Sign into you
TurboTax account.
2. Click Pick
up where I left off (if not already open)
3. Click Federal
Taxes tab
4. Click Wages
& Income sub category.
5. Select I'll
choose what I work on option.
6. Scroll all the
way down to the Miscellaneous Income, 1099-A, 1099-C (under
less common income) and click Start/Update.
7. Click Start/Update
next to Other income not already reported on a Form W-2 or Form 1099 and
follow the online screen prompts to enter your income.
If you need to get back later to report expenses:
TurboTax
will guide you step by step through the process.
·
Type in "business expenses" in
the search box in the right hand corner of your screen
·
Click jump to business expenses.
TurboTax will ask you for expenses in various categories.
Note:
Based on your expenses, you may have to upgrade to a higher version of
TurboTax.
