https://ttlc.intuit.com/community/taxes/discussion/re-self-employed/01/1695546#M988701 <P>I assume you have income reflected in forms 1099-misc. &nbsp;You have to file since you have income greater than $400. While you will have a loss, the IRS doesn’t know that unless that is reflected on your return. The loss will be deducted from any other income you have and if you have no other income the loss can be carried forward to offset future income.&nbsp;</P> Sun, 19 Jul 2020 21:30:28 GMT Bsch4477 2020-07-19T21:30:28Z https://ttlc.intuit.com/community/taxes/discussion/self-employed/01/1695435#M988700 <P>In 2019 for the first time I decided to start my own business as a magician/entertainer for the first time. I have been a professional magician for 37 years. I made 5100.00 performing some private shows. However, I spent close to 7000.00 in apparatus and supplies. Do I need to file and if so would I get a return</P> Sun, 19 Jul 2020 17:39:31 GMT https://ttlc.intuit.com/community/taxes/discussion/self-employed/01/1695435#M988700 gallardoiiijack7 2020-07-19T17:39:31Z https://ttlc.intuit.com/community/taxes/discussion/re-self-employed/01/1695546#M988701 <P>I assume you have income reflected in forms 1099-misc. &nbsp;You have to file since you have income greater than $400. While you will have a loss, the IRS doesn’t know that unless that is reflected on your return. The loss will be deducted from any other income you have and if you have no other income the loss can be carried forward to offset future income.&nbsp;</P> Sun, 19 Jul 2020 21:30:28 GMT https://ttlc.intuit.com/community/taxes/discussion/re-self-employed/01/1695546#M988701 Bsch4477 2020-07-19T21:30:28Z