TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

gallardoiiijack7

Level 2

Question

Self employed

Forum|Forum|5 years ago
July 19, 2020
1 reply
0 views

In 2019 for the first time I decided to start my own business as a magician/entertainer for the first time. I have been a professional magician for 37 years. I made 5100.00 performing some private shows. However, I spent close to 7000.00 in apparatus and supplies. Do I need to file and if so would I get a return

Level 15

I assume you have income reflected in forms 1099-misc. You have to file since you have income greater than $400. While you will have a loss, the IRS doesn’t know that unless that is reflected on your return. The loss will be deducted from any other income you have and if you have no other income the loss can be carried forward to offset future income.