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mrhoward18
New Member

I have a sole proprietor business in Oregon (with a business license) but the business made no income. What form should I use?

I've seen some say no form is needed, others say you have to submit something even if no income was made. I did not receive any forms in the mail either because there was no income.
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AmyT
New Member

I have a sole proprietor business in Oregon (with a business license) but the business made no income. What form should I use?

You will not need to file anything for the business if there was no income and you have no expenses.

If your business had expenses in 2016, you should file a Schedule C to report these expenses. You are allowed to deduct expenses only in the year they were paid - they cannot be carried over to 2017.  (TurboTax Self Employed is required to report Schedule C expenses).  You will be able to deduct these expenses on your return to reduce your taxable income.


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AmyT
New Member

I have a sole proprietor business in Oregon (with a business license) but the business made no income. What form should I use?

You will not need to file anything for the business if there was no income and you have no expenses.

If your business had expenses in 2016, you should file a Schedule C to report these expenses. You are allowed to deduct expenses only in the year they were paid - they cannot be carried over to 2017.  (TurboTax Self Employed is required to report Schedule C expenses).  You will be able to deduct these expenses on your return to reduce your taxable income.


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