How do I add information for self employment when I made little income due to low inventory but, I did have some expenses and money lost?

[PeterM · Accepted solution]

If your business expenses exceed your business income...you have a loss. That is okay, sometimes businesses experience tough times. For starters, to get your business income and expenses entered into Turbo Tax, you'll have to upgrade from Turbo Tax Deluxe to Turbo Tax Self Employed. The Deluxe version just can't support the business expenses. The good news is that the cost of the upgrade can be considered a business expense to be deducted on next years tax return.

Once you upgrade, follow these steps to enter the business income and expenses into Turbo Tax:

• Log into your tax return.
• Use the search box in the upper right hand corner. Type "schedule c" in the box and press enter.
• This will bring up the "Jump to schedule c" link...click that link.
• From here Turbo Tax will ask you some specific questions about your business. You'll be led through different screens asking you more questions regarding your business.
• Once you've answered these questions Turbo Tax will bring you to a screen to enter you income. This may be in the form of 1099s or no 1099s. 
• After you've added your income (or skipped that part) Turbo Tax will bring you to the screen for you to choose what expenses you would like to enter onto your tax return.