If your business
expenses exceed your business income...you have a loss. That is okay, sometimes businesses experience tough times. For starters, to get your business income and expenses entered into Turbo Tax, you'll have to upgrade from Turbo Tax Deluxe to Turbo Tax Self Employed. The Deluxe version just can't support the business expenses. The good news is that the cost of the upgrade can be considered a business expense to be deducted on next years tax return.
Once you upgrade, follow these steps to enter the business income and expenses into Turbo Tax:
- Log into your tax return.
- Use the search box in the
upper right hand corner. Type "schedule c" in the box and press
enter.
- This will bring up the
"Jump to schedule c" link...click that link.
- From here Turbo Tax will ask
you some specific questions about your business. You'll be led through
different screens asking you more questions regarding your business.
- Once you've answered these
questions Turbo Tax will bring you to a screen to enter you income. This
may be in the form of 1099s or no 1099s.
- After you've added your
income (or skipped that part) Turbo Tax will bring you to the screen for
you to choose what expenses you would like to enter onto your tax return.
