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March 26, 2020
Question

I started a business in September 2019 and lost $8000. What do I do?

  • March 26, 2020
  • 1 reply
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1 reply

Hal_Al
Employee
March 26, 2020

File a Schedule C and claim the loss.  You'll have to upgrade to TT Self Employed.  

You report the income and expenses from your own records.

Enter at "Business Income & Expenses" and TurboTax (TT) will complete Schedule C  for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & medicare tax) on any profits greater than $400.