topic Consulting business in Get your taxes done using TurboTax

Consulting business

Liz_D — Tue, 10 Feb 2026 10:28:41 GMT

I started my business in 2022 and did not have any business income for tax year 22 and 23. Since this is the second year, I am claiming a loss TurboTax says I’m at medium risk for audit. If I don’t have any income for 2024 can I still continue to claim a loss on my tax returns without being audited ?

Re: Consulting business

RobertB4444 — Wed, 28 Feb 2024 23:12:46 GMT

After three years as a business losing money you no longer have a business, you have a hobby. Businesses are created and used as a way to make money. It's why they're on your tax return. Hobbies you do for fun and if they cost you money it's ok.

If this business is still losing money for you in 2024 I would call it a day.

@Liz_D