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New Member
posted Jun 7, 2019 3:39:26 PM

How do I deduct my business expenses when I have not started making income yet?

I am a single member llc. I just started my business in 2016. I purchased everything to start my business in 2016, but I didn't start the business/make any income.

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1 Best answer
New Member
Jun 7, 2019 3:39:28 PM

There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.  

1 Replies
New Member
Jun 7, 2019 3:39:28 PM

There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.