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evans21365
New Member

If I started a business in November do I have to file taxes if I dont make a profit

 
1 Best answer

Accepted Solutions
AmyT
New Member

If I started a business in November do I have to file taxes if I dont make a profit

If you have received any 1099s for your business, you are required to file a return.

Even if you are not required to file a return for the business, you should do so if you have expenses that you paid in 2016.

There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.  

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1 Reply
AmyT
New Member

If I started a business in November do I have to file taxes if I dont make a profit

If you have received any 1099s for your business, you are required to file a return.

Even if you are not required to file a return for the business, you should do so if you have expenses that you paid in 2016.

There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.  
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