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April 18, 2023
Question

I am almost 2 years into running my small business and do not take personal profit. Do I still have to file taxes?

  • April 18, 2023
  • 1 reply
  • 0 views
My business is still getting off the ground and I am making a lot of initial investments and have made very little return. I have yet to take any personal profit. My business is also not yet registered, but I am in the process of doing so. My finances are still a bit messy. Do I still have to file taxes for my business (it is owned & operated by me) there has been no personal income?

1 reply

DawnC
Employee
April 18, 2023

Yes, you need to report all of your income, even if it was very little.   You can claim expenses also.    How to report Self-Employment Income and Expenses.   Click on the links for instructions.  

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