Question

My wife has LLC started in 2021. Never made a profit and loss money. Can it be added this year or must I amend last year?

Can i report business started in 2021 this year

If you have Business Income and Expenses in 2022, you can enter them on your 2022 return.

Type 'Schedule C' in the Search area, then click on 'Jump to schedule c' to get to this section.

You are asked questions about the Business, and you can indicate that it was started in 2021.

If you want to go back and add Business Income/Expenses to your 2021 return, you could Amend your 2021 return.

to clarify if the business started in 2021 it's only on the 2021 return that you can deduct 2021 expenses.

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