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iubxela
Returning Member

W2 and self-employed with small business

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?   

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1 Reply
DawnC
Employee Tax Expert

W2 and self-employed with small business

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.

  1. Open or continue your return.
  2. Select Search, enter schedule c and select the Jump to schedule c.
    • Or go to Wages & Income and select Start or Revisit next to Self-employment income and expenses under Self-Employment.
  3. Answer Yes to Did you have any self-employment income or expenses?
    • If you've already entered self-employment work and need to enter more, select Add another line of work.
  4. Follow the on-screen instructions to enter your Schedule C.

Here are the self-employed expenses you can deduct and where to enter them.  

 

How does starting a business affect my taxes?

 

7 Tips when Starting a Business

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