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I tried to start a business and had expenses involved, but the business never got off of the ground. How can I reflect the expenses?

I paid for a laptop, website, etc, but the business never made any money at all.
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PeterM
New Member

I tried to start a business and had expenses involved, but the business never got off of the ground. How can I reflect the expenses?

If you incurred these expenses for a business that you own (a for-profit business activity)...then yes, you can still deduct these expenses (in full) in the year you incurred them. You just enter the expenses you incurred in Turbo Tax on Schedule C, Business income and Expenses.

As far as revenues, if you didn't have any in 2016 then you'll have a business loss in 2016. Any time that your business expenses exceed your business income...you have a loss.

Turbo Tax will guide you through the process of entering these expenses. Here are some screenshots to get you started on the process.


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