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L
lkcafarelli
April 17, 2023
Question

I'm self-employed with a small business. Should I report business expenses if I had no income in 2022?

  • April 17, 2023
  • 1 reply
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1 reply

JohnB5677
JohnB5677
April 17, 2023

Yes, you should report your business exactly as it is.  However, I will caution you that you must have a motivation and a plan to make a profit.  At some point the IRS will deam that you don't have a business and it is just a hobby.

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L
lkcafarelliAuthor
April 17, 2023

Thanks. I understand. Is there a downside if I don't report expenses?

PatriciaV
PatriciaV
Employee
April 17, 2023

No downside, other than perhaps paying more taxes. The IRS is concerned with unreported income, not expenses.

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