I did not earn any income from my consulting can I deduct my expenses
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hygienist1992
New Member

I did not earn any income from my consulting can I deduct my expenses

I bought a new car for buissness
1 Reply
ChrisJ
New Member

I did not earn any income from my consulting can I deduct my expenses

You may be able to claim expenses incurred during the year relating to your business, even if you earned no business income. You usually capitalize the cost of a motor vehicle you use in your business. You can recover its cost through annual deductions for depreciation.

Go to Search (top right), then type the exact phrase 'schedule c' into Ask your question or search TurboTax. Jump to schedule c from the results.  Add or edit your business entry, arrive at Your (title) Business, scroll to start/update Business Vehicle Expense. Enter the details of your purchase and TurboTax will explain/provide the best results for your tax situation.

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