turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

I am a Wellness Advocate for doTerra and spent more on starting up my business in 2015 than I made. Can I deduct more than I made in a year?

In 2015 I became a Wellness Advocate for doTerra.  In order to start up my business I spent more last year than I actually made.  I  use some of the essential oils for my personal use but also sample the products to others.  Can I actually write off more money than I made as a start up business?

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.

2 Replies
bwa
Alumni
Alumni

I am a Wellness Advocate for doTerra and spent more on starting up my business in 2015 than I made. Can I deduct more than I made in a year?

If you incurred a business loss it would be deductible.  However, product that you purchased and used yourself would not be a part of that loss.

I am a Wellness Advocate for doTerra and spent more on starting up my business in 2015 than I made. Can I deduct more than I made in a year?

Yes. Make sure you have good supporting records and keep them for at least 3 years. 

ron. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies