Low income high expenses

Forum|Forum|2 years ago
January 20, 2024
1 reply
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I haven't yet filed, however, I put in everything for my small business after a few years and has invested over $3k in 2023 to only make $200 in cash profits due to my main employment taking too much of my time, I am worried there may be an error if I submit my taxes due to the noticeable loss in income compared to that of what I dished out to upgrade and replenish my supplies thinking 2023 would have been the best year.

Should I be concerned? It's flagged as low risk. I also cant locate all of my receipts so that has me worried too. I haven't spent this much to profit so little since my start-up in 2019.

Bsch4477

Employee

If you reported everything in good faith you don’t have to be concerned.

brtrem18Author

That I absolutely did. Every documented was what I had invested in to improve my little office space for storage and organization, upgrade my machines, and replenish my supplies.