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Yes, while you may not have made any profits, if you have expenses you may want to file a Schedule C to claim them. If you do not claim your expense in the year you pay them, you may not be able to deduct them in the future when you do have income. If you did not have any expenses or income, then no, you will not have to do anything. Please read the following article to guide your decision; Can I File An Income Tax Return If I Don't Have Any Income? It will provide you with advice on filing if you have any expenses, such as the cost of your business license.
If you have another source of income that could off-set the loss in your business so that you pay your tax at a lower rate. Example; you receive a W2 from your job for $65,000 with no other income or adjusted gross income deductions, $65,000 would be your Adjusted Gross Income. However, if you had a business loss of $3,000 then your Adjusted Gross Income would be $62,000 that will lead to a reduction in taxable income.
Yes, while you may not have made any profits, if you have expenses you may want to file a Schedule C to claim them. If you do not claim your expense in the year you pay them, you may not be able to deduct them in the future when you do have income. If you did not have any expenses or income, then no, you will not have to do anything. Please read the following article to guide your decision; Can I File An Income Tax Return If I Don't Have Any Income? It will provide you with advice on filing if you have any expenses, such as the cost of your business license.
If you have another source of income that could off-set the loss in your business so that you pay your tax at a lower rate. Example; you receive a W2 from your job for $65,000 with no other income or adjusted gross income deductions, $65,000 would be your Adjusted Gross Income. However, if you had a business loss of $3,000 then your Adjusted Gross Income would be $62,000 that will lead to a reduction in taxable income.
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