I was a personal consultant and earned under $600 for the year. However, my expenses were over $1,000 for that business last year. How do I claim that on my taxes?

[ColeenD3]

Just enter your income and expenses. While you can have an off year where your income is less than your expenses, the IRS will expect to see a profit. If you don't start to show one, the IRS will consider this a hobby and you will be disallowed from taking expenses.

Follow these steps to go to the Schedule C section of your return:

On the top right corner of TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner).

1. Type in “schedule c” (or for CD/downloaded TurboTax, click Find).
2. Click on “Jump to schedule c”.
3. Click on the blue “Jump to schedule c” link

[cocacola18901]

I re-calculated, and my expenses were around $970, sales were between $575 and $600. Is it beneficial to include this in my filing this year?

[FangxiaL]

If you have other income, the loss can lower your taxable income, resulting in a lower balance due or a higher refund.

@cocacola18901