topic I started a new business 11/2016 I did not make any money for that year do I still have to do taxes THANK YOU Michael [PII removed] in After you file

I started a new business 11/2016 I did not make any money for that year do I still have to do taxes THANK YOU Michael [PII removed]

nymikep — Wed, 05 Jun 2019 21:56:47 GMT

I laid out about 2500.00 to start the business but just set up the company

I want to know do I have to do a business tax

nymikep — Wed, 05 Jun 2019 21:56:49 GMT

I want to know do I have to do a business tax

Yes, you need to upgrade to TurboTax Self-Employed in ord...

MinhT — Wed, 05 Jun 2019 21:56:50 GMT

Yes, you need to upgrade to TurboTax Self-Employed in order to file Schedule C for your business.

Even if you do not yet have in 2016, you can deduct start...

MinhT — Wed, 05 Jun 2019 21:56:51 GMT

Even if you do not yet have in 2016, you can deduct start-up costs in the year you started your business.

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized.

Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Organizational costs include the costs of creating a corporation.

Claiming your start-up costs will result in a loss, which helps reduce your taxable income.

In order to claim these start-up costs on your tax return, you'll need to use TurboTax Self-Employed (online version) or TurboTax CD/Download (desktop version).