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catherinekingfis
New Member

When is a business considered started for tax purposes? When it is incorporated? When it makes money the first time?

I am not seeing my deductions I entered under business expenses, possibly because company made no money in the 2015. Incorporation was in September 2015.
1 Reply
PatriciaV
Level 7

When is a business considered started for tax purposes? When it is incorporated? When it makes money the first time?

Your business begins when you are open and ready to sell product or provide services. You are not required to report income and/or a profit on Schedule C.

Verify your business loss is included on your return by previewing Form 1040 Line 12. To preview your Online return, go to My Account at the top.  Then Tools, then View Tax summary.  Then you can click on Preview My 1040 at the top.


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