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Level 1

Question

Started a new business

1 reply
17 views

Hello I started a business February 2022, I have not started earning yet. However, when filing my personal taxes, how do I include business taxes and write-offs for the business?

Level 2

Income and expenses for a sole proprietorship (single owner) are reported on your tax return on Schedule C. Here is a link to the Profit and Loss from Business (Schedule C) instructions which should provide you great information on how to report on your tax return. Here is the link to the actual Schedule C form: Schedule C Tax Form.

This schedule will be attached to your tax return (Form 1040) when you file.

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