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brtrem18
New Member

Low income high expenses

I haven't yet filed, however, I put in everything for my small business after a few years and has invested over $3k in 2023 to only make $200 in cash profits due to my main employment taking too much of my time, I am worried there may be an error if I submit my taxes due to the noticeable loss in income compared to that of what I dished out to upgrade and replenish my supplies thinking 2023 would have been the best year. 

 

Should I be concerned? It's flagged as low risk. I also cant locate all of my receipts so that has me worried too. I haven't spent this much to profit so little since my start-up in 2019. 

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3 Replies

Low income high expenses

If you reported everything in good faith you don’t have to be concerned. 

brtrem18
New Member

Low income high expenses

That I absolutely did. Every documented was what I had invested in to improve my little office space for storage and organization, upgrade my machines, and replenish my supplies. 

Low income high expenses

since this business started in 2019 how many years has it shown a profit? 

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