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Get your taxes done using TurboTax
It depends on the expenses you spent this year to get your business started. For an example, in this IRS link, it explains how you can amortize start up costs and claim expenses for the year. Since you received no income, reporting these would only reduce your taxable income if you had other income to report for your business.
If the costs were substantial, you may wish to amend your 2020 return and report this as self-employed income (loss) to earn an opportunity to reduce your taxable income. if you decide to pursue this course, you will need to wait until mid-to late March to prepare your amendment but it may be worth it depending if you have a large amount of expenses to declare.
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‎February 15, 2021
12:14 PM