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Ordinary business income loss
Where do I report 'ordinary business income loss' as a sole proprietor? I am filing a 1040 schedule C- for self employed status. Do I just report the 'ordinary business income loss' (for services provided that never received payment) in my business expenses/ deductions section?
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June 4, 2019
2:12 PM
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Get your taxes done using TurboTax
You cannot deduct the value of services you performed that you were not paid for since you never included the payment in your income to begin with. You can deduct any out-of-pocket expenses you incurred in connection with that endeavor.
June 4, 2019
2:12 PM