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maryl2016
New Member

No income from this small business only expenses

I bought a starter kit for a small direct sales business. $545.00. There is a monthly fee of $32.00 for November and December 2016.  How do I enter these expenses? Still no income from this business, yet.
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MichaelDC
New Member

No income from this small business only expenses

 You can still claim your business related expenses, even though you had no revenue

As an Independent Contractor, you are considered to be self-employed. You report both income (if any) and expenses on Schedule C/Business Income & Expenses.

TurboTax will guide you step by step through the process. 

·         Type in business expenses in the search box in the right hand corner of your screen

·         Click jump to business expenses.

If you do have some income you can enter it on the same page.

Here are some more expenses that may help boost that difference:

http://quickbooks.intuit.com/self-employed-center/complete-list-of-self-employed-expenses-and-tax-de...

Note: Based on your expenses, you may have to upgrade to a higher version of TurboTax. 

 






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1 Reply
MichaelDC
New Member

No income from this small business only expenses

 You can still claim your business related expenses, even though you had no revenue

As an Independent Contractor, you are considered to be self-employed. You report both income (if any) and expenses on Schedule C/Business Income & Expenses.

TurboTax will guide you step by step through the process. 

·         Type in business expenses in the search box in the right hand corner of your screen

·         Click jump to business expenses.

If you do have some income you can enter it on the same page.

Here are some more expenses that may help boost that difference:

http://quickbooks.intuit.com/self-employed-center/complete-list-of-self-employed-expenses-and-tax-de...

Note: Based on your expenses, you may have to upgrade to a higher version of TurboTax. 

 






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