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wojcik15
New Member

I started a business this summer but before I could get it going I had to close the business. I only made around $400 can this be side money or tip?

do I have to file this as a business, I don't care about  the few business expenses I had
1 Best answer

Accepted Solutions
JaimeG
New Member

I started a business this summer but before I could get it going I had to close the business. I only made around $400 can this be side money or tip?

This can be claimed as Other Income in Line 21 or your Individual Tax return. You may also claim the expenses but only if you Itemize your return. Nevertheless TurboTax will accept the entry of these expenses and before you file will let you know if the Itemized Deductions or the Standard Deduction are most beneficial to your return.

To enter this income and your expenses please follow the steps below:

  1. Log in to your TurboTax Account
  2. From the main uppermost tab select Federal Taxes
  3. In the secondary tab select Income and Expenses
  4. Scroll down to Less Common Income and select Show More
  5. Once the screen drops down select Start in Miscellaneous Income
  6. Then select Start to Hobby Income and Expenses.

The program will walk you through the process of declaring this income and any expenses related to its activity


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1 Reply
JaimeG
New Member

I started a business this summer but before I could get it going I had to close the business. I only made around $400 can this be side money or tip?

This can be claimed as Other Income in Line 21 or your Individual Tax return. You may also claim the expenses but only if you Itemize your return. Nevertheless TurboTax will accept the entry of these expenses and before you file will let you know if the Itemized Deductions or the Standard Deduction are most beneficial to your return.

To enter this income and your expenses please follow the steps below:

  1. Log in to your TurboTax Account
  2. From the main uppermost tab select Federal Taxes
  3. In the secondary tab select Income and Expenses
  4. Scroll down to Less Common Income and select Show More
  5. Once the screen drops down select Start in Miscellaneous Income
  6. Then select Start to Hobby Income and Expenses.

The program will walk you through the process of declaring this income and any expenses related to its activity


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