AmyT
New Member

Get your taxes done using TurboTax

Married filing jointly is almost alway the best option, tax-wise, for a married couple.

There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  Additionally, the business losses will reduce your overall income and taxable income, which will most likely increase any refunds (or reduce any taxes) you would have had otherwise without the losses.

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

You will want to file a schedule C (Self-employed profit and loss) for each business.  

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.  

You will be able to add a second business after you have completed the first one.

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