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Independent stylist for Stella and Dot- need to report expenses but have no revenue from this
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Independent stylist for Stella and Dot- need to report expenses but have no revenue from this
You can still claim your business related expenses, even though you had no revenue.
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 stylist, 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.
- Type in business expenses in the search box in the right hand corner of your screen
- Click jump to business expenses.
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 a higher version of TurboTax.
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Independent stylist for Stella and Dot- need to report expenses but have no revenue from this
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