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Business & farm
If you did not receive any revenue for the business, you do not need to file a Schedule C with your Federal or State tax returns. If you received any income (not just didn't make any profit) you have a requirement to include a Schedule C with your Federal return to report the income and you can claim expenses associated with that income. If you have a loss, it will reduce any other income you have.
March 11, 2021
10:03 AM