in home business

Forum|Forum|2 years ago
October 25, 2023
1 reply
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We have a salon in our basement that my wife does work out of. We have been so busy this year she has not done any work or made any money through the salon business. Do I continue to put the business on my taxes ? She will eventually start working again, and bringing money in through that business. I don't know if it would look suspicious if it was on our taxes for a year and then off a following year. Any advice would be helpful.

Ask the Experts - Extension - Sept 2023

Anonymous

Hi,

If your wife made $600 or more annually in 2022, she should go ahead and enter the income into the self-employment income and expenses of TurboTax. Even if she did not earn $600 throughout the year.

As long as you have receipts for those business expenses, you can go ahead and enter the expenses that she paid for the business, including the TurboTax fee that you may have paid in 2022.

There is also an area to add a home office in the self-employment income and expenses section of TurboTax.

Thank you,

John

CPA