My husband and I started a new small business to sell furniture on the side in November 2015. So far we are just getting started and haven't really had time to make sales for this year. Do we need to file for this year, or continue to keep up with our records and plan to file for next year as a small business?
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If you're operating as a sole proprietor or qualified joint venture, you must file a Schedule C to claim business expenses (if you had expenses for the business), even if you had no revenue.
You will need to use TurboTax Home and Business to prepare your return.
https://ttlc.intuit.com/replies/4800425
Here is IRS information on Business Profit or Loss: https://www.irs.gov/pub/irs-pdf/i1040sc.pdf
Note: If your business is incorporated (S corp, partnership, or corporation), you will need to file a business return using TurboTax Business.
If you're operating as a sole proprietor or qualified joint venture, you must file a Schedule C to claim business expenses (if you had expenses for the business), even if you had no revenue.
You will need to use TurboTax Home and Business to prepare your return.
https://ttlc.intuit.com/replies/4800425
Here is IRS information on Business Profit or Loss: https://www.irs.gov/pub/irs-pdf/i1040sc.pdf
Note: If your business is incorporated (S corp, partnership, or corporation), you will need to file a business return using TurboTax Business.
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