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Independent stylist for Stella and Dot- need to report expenses but have no revenue from this
Taking business expenses will offset income from other sources, thus lowering your tax bill (or increasing your refund). You can deduct expenses as long as you can prove that you opened or were in business in the year expenses were incurred. To be deductible, a business expense must be both ordinary and necessary. Please note that if you do not have profit for three out of five years, IRS might question your profit motive.
As a travel agent, you are considered to be self-employed. You report both income (if any) and expenses on Schedule C/Business Income & Expenses.
TurboTax will guide you step by step through the process.
If you do have some income you can enter it on the same page.
Note: Based on your expenses, you may have to upgrade to
TurboTax Self-Employed
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