Hello,
I'm currently working a W2 job, but also have a small side business as a musician. I've incurred expenses for the business in 2023, but haven't made any revenue. How do I file the expenses for the business since I also am filing my W2? Is there anything else I need to know here?
You don't need to report any revenue to report your expenses. However, you will need to set up a schedule C. After answering the business profile information, you can skip the income section and enter your operating expenses in the self-employed expenses section. You can use your home address and no EIN is required. There is some useful information linked below.
You enter your W-2 in the Wages and Income section, and TurboTax will attach the Schedule C to report your business income.
Note: If your TurboTax navigation looks different than what’s described here, learn more.
Here are the self-employed expenses you can deduct and where to enter them.
How does starting a business affect my taxes?