I started an Internet businsess in 2016 and spent $12500.00 to start the business. I did not make one penny. How do I claim this on my income tax?

eubanks-mike — Thu, 06 Jun 2019 09:57:50 GMT

There is no specific amount of gross income (money coming...

AmyT — Thu, 06 Jun 2019 09:57:52 GMT

There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.

Important note: You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

Once signed into your account, click on Search at the top of the screen
Input "schedule c" into the search box and hit Enter
The first link available should be Jump to schedule c - click on this link
You will be taken to the screens to enter your income, business information, and expenses

When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.

topic I started an Internet businsess in 2016 and spent $12500.00 to start the business. I did not make one penny. How do I claim this on my income tax? in After you file

I started an Internet businsess in 2016 and spent $12500.00 to start the business. I did not make one penny. How do I claim this on my income tax?

There is no specific amount of gross income (money coming...