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Here's how you enter your self-employment income.
Thank you!
On a side note, the business that I started (and ended in 2019) had a profit of $300, but with all my advertising deductions, web hosting fees, and software fees, I have a net income of $-1,189.00. Is this ok to submit to the IRS (having a negative profit because of deductions)? I no longer run this business.
Yes, you can deduct your loss even though you ended this business. Having a loss on a small business is very common during the first three years.
Even though you aren't still in business, be sure to keep your records of your expenses for at least three years after you file.
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