Do I need to file for my very small business if I lost more money than I earned? I made a little more than $1000 but Turbo Tax wants me to just take a standard deduction.
Hi:
Add Schedule C to your return. Enter any income and expenses as indicated on schedule.
The loss will reduce other income such a w-2 etc. and your tax including ss(se tax)
will also be reduced.
Bob Nogg Semi Retired CPA
Hi,
Please excuse my ignorance, but what does that mean? I need a little more direction.
you will need to add Schedule C to your tax return. It is available with some Turbo Tax products.
It will allow you to enter the income you received from business and the expenses incurred.
Having a loss will be offset against your other income. It will also reduce your social security/medicare tax
withheld from salary W-2 form.
The good thing is that PA does not require LLC's to file an annual report.
However, every individual must file a Pennsylvania Income Tax Return (PA-40) when he or she realizes income generating at least $1 in tax. If the business was the only income and there was a loss, then you won't need to file a PA-40. If you had a w-2 or any other source of income which withheld PA tax, you will have to file that.