Should I do my taxes is my business was shut down for most of the year?
Thank you for your clarification,
You are only allowed to deduct expenses in the year that you paid them.
In your case (assuming that we are speaking of business expenses for a Schedule C or rental expenses on Schedule E), you should report the 2016 expenses on your 2016 income tax return even if you do not have income.
Should I do my taxes is my business was shut down for most of the year?
Hi! No start up expenses in 2016. The expenses were normal cost for operating and labor & tools for one large job. I did not get paid for the job until 2017.
Should I do my taxes is my business was shut down for most of the year?
Thank you for your clarification,
You are only allowed to deduct expenses in the year that you paid them.
In your case (assuming that we are speaking of business expenses for a Schedule C or rental expenses on Schedule E), you should report the 2016 expenses on your 2016 income tax return even if you do not have income.
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