If I cannot use the expenses, do I have to file a schedule C for a business with no activity? It is a sole proprietorship
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No, you can't hold onto expenses. You record them in the year that you pay them. You just enter the expenses you incurred in Turbo Tax. As far as revenues, if you didn't have any in 2016 then you'll have a loss in 2016. Any time that your business expenses exceed your business income...you have a loss.
No, you can't hold onto expenses. You record them in the year that you pay them. You just enter the expenses you incurred in Turbo Tax. As far as revenues, if you didn't have any in 2016 then you'll have a loss in 2016. Any time that your business expenses exceed your business income...you have a loss.
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