My sole proprietorship is in a similar position, but for 2024. My expenses are larger than my income, since I moved to a new state and am having to rebuild clientele.
Would I still be able to enter the expenses and assume Turbo Tax will automatically carry them over into 2025 tax year? I have no assets that are depreciating. Because my 2024 income is extremely low compared to the previous 17 years, I'm worried this change will be a problem with the IRS.
Any feedback would be greatly appreciated.
