lczh0518
Returning Member

Business & farm

Hello Dawn,

 

Under Business Summary, I have gone through Your “Business” Info, answered all questions for Qualified Business Income, and 2-year comparison. Also answered the Uncommon Situations questions. Once I click continue it says Nice! You’ve lowered your taxable income. And it shows my income vs expenses. I click Continue

 

Next, it takes me to the "Your Audit Assessment is Ready", we found 1 items for you to review: Business Losses - "It looks like your business has taken a loss over multiple years. This can happen, especially if your business is new or growing. If your self-employed work doesn't make a profit over a number of years, the IRS may consider it a hobby or too sporadic to qualify as a business. If your business does take a loss, make sure you are actively trying to make a profit and have receipts and documentation for your expenses." Once I click Review, it takes me to back to the “Your 2023 self-employed work summary”, which I have already entered all my income and expense information for my business.