You shouldn’t file if:
- You weren’t actively engaged in a trade or business.
- You were preparing to begin your business. Start up costs can be deducted once you officially are open for business - sometimes that takes years 😉
You can either deduct or amortize start-up expenses once your business begins rather than filing business taxes with no income. OR
If you were actively engaged in your trade or business but didn’t receive income, then you should file and claim your expenses. You can show a loss on Schedule C when filing taxes with no income to offset other income and lower your overall tax bill.
What self-employed expenses can I deduct?
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