topic New Business in Self employed

New Business

Lori25880 — Tue, 24 Feb 2026 07:04:55 GMT

I started a new business, how does that affect my taxes

Re: New Business

Holly W — Wed, 30 Aug 2023 16:13:50 GMT

Hello @Lori25880

Thank you for joining us today and congratulations on your new adventure.

I would need more information to answer appropriately. Is it a sole proprietor, S Corp, C Corp, Partnership? Depending the on the type of entity your business is.

If it is a sole proprietorship, you will report your gross income, cost of goods sold (if applicable) and then business expenses on your Schedule C On your personal tax return Form 1040. If you have a profit, you will have to pay self employment tax. Here is an article that will provide you with more information: Tax Guide for Sole Proprietors

I will be happy to provide further information or articles if it is a different entity. I look forward to your response!

Holly W

Re: New Business

Lori25880 — Wed, 30 Aug 2023 17:04:26 GMT

Thank you for the reply! I started an LLC for an ecommerce store in May. I am the only one on it and I have no employees. At this point I have expenses but very little income. I work full time while an am trying to launch my business.

Re: New Business

Holly W — Wed, 30 Aug 2023 17:41:24 GMT

@Lori25880

That is a lot to take on and you should be proud of yourself. From the information provided, you will want to report your income and expenses on the Schedule C within your personal Tax return Form 1040.

Keep up the good work, you've got this!