2368695
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Operating at a loss

I've been self-employed for thirty-plus years and have always operated at a profit until 2021, due to setbacks from the pandemic. This year I will have more business expenses than income to report. Is this something I should be concerned about? I would still like to deduct the expenses, and not have my business downgraded to a hobby, as it is my sole source of income (via different 1099 jobs). Thanks!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
HollyP
Employee Tax Expert

Operating at a loss

@ktax2 and @jobejobie please see my answer here. Also, check out Stimulus 2021: Self-Employed Tax Credits and Social Security Tax Deferrals Available During COVID-19 you may still qualify for some help in your business this year. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies

Operating at a loss

I worry about this as well! The pandemic screwed business and now we are to carry on as if nothing set us back. some of us are still recovering. I had a loss both years of 2020 and also this year was down. 

HollyP
Employee Tax Expert

Operating at a loss

@ktax2 and @jobejobie please see my answer here. Also, check out Stimulus 2021: Self-Employed Tax Credits and Social Security Tax Deferrals Available During COVID-19 you may still qualify for some help in your business this year. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question