I started a new business. It hasn't picked up yet. I need to file it at a loss. How do i file?
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Yes, you can file it at a loss and it could benefit your overall tax situation. You will file a Schedule C as a self-employed person. (This is true as long as you have not taken any steps to become a corporation or are not a multi-member LLC.) The Schedule C will flow onto your individual income tax return (Form 1040) and be netted with other personal income and expenses.
You "start date" for your business is the first date you were able to receive revenue, whether or not you actually did.
Also, if you use the online version of TurboTax, you will need TurboTax Self-Employed.
How to get to the area to enter your
business expenses
:
While inside the software and working on your return,
type Schedule C in the Search at the top of the screen (you
may see a magnifying glass there). There will be a popup that says Jump
to Schedule C. Select that to get to the general area.
You can use your own name and address for the business, if you don't have a business name. And, there is no need for an EIN when it asks for that, if you don't have one.
Follow through all the areas in the Business section of the TurboTax software and it will provide you with a lot of assistance. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful.
Also, this link may be helpful to you IRS Small Business Help Center .
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