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posted Jul 19, 2020 10:39:31 AM

Self employed

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

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1 Replies
Level 15
Jul 19, 2020 2:30:28 PM

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.