My business never had any income just monies spent on keeping my license active,DIR list for bids,Liability insurance,bonds. I work others all year. how do deduct loss?
My business never had any income just monies spent on keeping my license active,DIR list for bids,Liability insurance,bonds. I work others all year. how do deduct loss?
Just use the Schedule C you would normally use. You show $0 income and the costs to show the loss which will be shown (with limitations) on your Form 1040 and will reduce your Adjusted Gross Income.