topic PA Small (tiny) Business- Do I need to file for my small business if I lost more money than I earned? in Get your taxes done using TurboTax

PA Small (tiny) Business- Do I need to file for my small business if I lost more money than I earned?

limbsart — Mon, 09 Mar 2026 04:36:40 GMT

Do I need to file for my very small business if I lost more money than I earned? I made a little more than $1000 but Turbo Tax wants me to just take a standard deduction.

Re: PA Small (tiny) Business- Do I need to file for my small business if I lost more money than I earned?

bobnogg2c — Mon, 28 Feb 2022 22:48:58 GMT

Hi:

Add Schedule C to your return. Enter any income and expenses as indicated on schedule.

The loss will reduce other income such a w-2 etc. and your tax including ss(se tax)

will also be reduced.

Bob Nogg Semi Retired CPA

Re: PA Small (tiny) Business- Do I need to file for my small business if I lost more money than I earned?

limbsart — Tue, 01 Mar 2022 00:49:41 GMT

Hi,

Please excuse my ignorance, but what does that mean? I need a little more direction.

Re: PA Small (tiny) Business- Do I need to file for my small business if I lost more money than I earned?

bobnogg2c — Tue, 01 Mar 2022 01:09:08 GMT

you will need to add Schedule C to your tax return. It is available with some Turbo Tax products.

It will allow you to enter the income you received from business and the expenses incurred.

Having a loss will be offset against your other income. It will also reduce your social security/medicare tax

withheld from salary W-2 form.

Re: PA Small (tiny) Business- Do I need to file for my small business if I lost more money than I...

ZoltanB45 — Tue, 01 Mar 2022 01:36:14 GMT

The good thing is that PA does not require LLC's to file an annual report.

However, every individual must file a Pennsylvania Income Tax Return (PA-40) when he or she realizes income generating at least $1 in tax. If the business was the only income and there was a loss, then you won't need to file a PA-40. If you had a w-2 or any other source of income which withheld PA tax, you will have to file that.