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eliotbrenner
Level 1

Can I deduct the minimal expenses my consulting business had for 2020 even if I had no income due to COVID. Do I need the self-employed software version?

 
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MinhT1
Expert Alumni

Can I deduct the minimal expenses my consulting business had for 2020 even if I had no income due to COVID. Do I need the self-employed software version?

Yes, if your business was still active in 2020, you can deduct necessary and ordinary expenses even if you had no income.

 

Yes, you'll need to use TurboTax Self-employed to file a Schedule C and claim these expenses.

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MinhT1
Expert Alumni

Can I deduct the minimal expenses my consulting business had for 2020 even if I had no income due to COVID. Do I need the self-employed software version?

Yes, if your business was still active in 2020, you can deduct necessary and ordinary expenses even if you had no income.

 

Yes, you'll need to use TurboTax Self-employed to file a Schedule C and claim these expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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