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Question

New business no income

Forum|Forum|3 years ago
March 15, 2023
1 reply
0 views

My husband and I opened a new construction co (LLC) midyear 2022, we made no income but had a small amount of expenses. Do we have to file a return for 2023 or can we save the expenses and file next year after we start earning?

TurboTax Business Windows

You need to file a Schedule C for the new business. You can only claim the expenses you incurred in 2022 on your 2022 tax return (i.e., you can't "hold" them for next year).

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renee9398Author

I downloaded turbo tax Business. how many businesses can I make a return for? I need 2.

You can file multiple Schedule Cs.

Add another Schedule C:

Open your return
Search for schedule c in search box.
Click on jump to schedule c link.
Click on +Add another business.

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