Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
catfish34
New Member

I had self empolyment expenses but no icome. Less than $1,000 for Education requirements and supplies. CFP renewal fee. Can I deduct expenses?

 
1 Best answer

Accepted Solutions
KarenL2
Level 5

I had self empolyment expenses but no icome. Less than $1,000 for Education requirements and supplies. CFP renewal fee. Can I deduct expenses?

Yes, as long as the business is still active.   If it's a new business, then your start date is the first date you are able to receive income (whether or not you did).  All expenses prior to that are Start Up costs.

You will need TurboTax Self-Employed to enter your business expenses. 

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.

How to get to the area to enter your business income/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. 

When you set up your business, you can use your own name, address, and social security number (if you don't have a business name or EIN). Then, when done with the Business Profile:

  • go to Business Income and Expenses
  • select Edit next to your business (if it is there)
  • scroll to Business Expenses
  • then Select one of the following, depending on what expenses you are entering: Other Common Business Expenses, Home Office, or Business Vehicle Expenses

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 .

 

View solution in original post

1 Reply
KarenL2
Level 5

I had self empolyment expenses but no icome. Less than $1,000 for Education requirements and supplies. CFP renewal fee. Can I deduct expenses?

Yes, as long as the business is still active.   If it's a new business, then your start date is the first date you are able to receive income (whether or not you did).  All expenses prior to that are Start Up costs.

You will need TurboTax Self-Employed to enter your business expenses. 

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.

How to get to the area to enter your business income/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. 

When you set up your business, you can use your own name, address, and social security number (if you don't have a business name or EIN). Then, when done with the Business Profile:

  • go to Business Income and Expenses
  • select Edit next to your business (if it is there)
  • scroll to Business Expenses
  • then Select one of the following, depending on what expenses you are entering: Other Common Business Expenses, Home Office, or Business Vehicle Expenses

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 .

 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~