I have a sole proprietor LLC. I did not open my store last year, thus had no income. I did have expenses, do I need to report them on my 1040?

Anonymous · ‎March 15, 2021

I know I have to file any income on my personal 1040, but I am not sure if I need to file expenses this year or not.

Bsch4477 · ‎March 15, 2021

Report your expenses. A net loss is carried over to future years.

Anonymous · ‎March 15, 2021

Perfect, thank you so much!!

Business & farm