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posted Apr 19, 2021 10:17:44 PM

I havnt made money on any side hustle this year and I only have one income. Should I file just a regular employment this year

I have not made a penny on any side hustle this year and I only have one income. With that said I have two questions.  1) Should I file just a regular employment this year, and 2) is there any point in expensing anything? (Probably not since I didn't make any money right?)

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Expert Alumni
Apr 20, 2021 7:37:40 AM

The IRS allows you to claim a loss on a side hustle even if you did not have any income. The loss would be applied against your other income. You can claim losses in two of every five years. Otherwise your expenses may be limited to the amount of your income.

 

You are allowed to claim expenses if you tried to keep your business going, even if you did not make any money. You can't claim expenses if you were not actively in business in 2020.

 

Filing as self-employed costs more in TurboTax so it may be cost more to use TurboTax Self-Employed or Home & Business CD\Download than the amount you would save by claiming expenses.

 

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