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mp_fuel
Level 1

Online Business

How do we report a small-scale online business that opened and closed in the same year where expenses exceeded revenue?

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‎November 16, 2022 1:49 PM
last updated ‎November 16, 2022 1:49 PM
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LarryL20
Expert Alumni
Expert Alumni

Online Business

If you operated a business or practiced your profession as a sole proprietor, report your income and expenses on Schedule C.  The loss (expenses greater than income) would be determined from Schedule C and reported on IRS Form 1040.

 

Page 84 of IRS 1040 Instructions will provide you with more specific information about the reporting various types of expenses on Schedule C. 

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‎November 16, 2022 2:16 PM
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