I am employee with W2 plus I started a side business in June 2018 and I only made 6200 profit. However, my expenses are more than the total profit is this normal ?

EDUCATED-QUEENS · ‎June 5, 2019

my net loss on turbo says is - 3000 net loss. I put everything I paid for to start my business.

rjs · ‎June 5, 2019

For the first year of a new business it's not unusual to have a loss.

By the way, to clarify the terminology, you did not have any profit. I assume that the $6,200 is your gross income - the amount you took in, before expenses. If your expenses were more than your gross income, then you have a net loss. You only have a profit if your gross income is more than your expenses. You have either a profit or a loss, not both.

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rjs · ‎June 5, 2019

For the first year of a new business it's not unusual to have a loss.

By the way, to clarify the terminology, you did not have any profit. I assume that the $6,200 is your gross income - the amount you took in, before expenses. If your expenses were more than your gross income, then you have a net loss. You only have a profit if your gross income is more than your expenses. You have either a profit or a loss, not both.

I am employee with W2 plus I started a side business in June 2018 and I only made 6200 profit. However, my expenses are more than the total profit is this normal ?