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February 15, 2023
Question

Should I file my business tax even though I had no income?

  • February 15, 2023
  • 2 replies
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2 replies

Carl11_2
Employee
February 15, 2023

If your business was "open for business" at any time in 2022 or;

If your business has any assets in service that are subject to depreciation in 2022 or;

If you business is claiming any vehicle use in 2022 or;

If your business qualifies you for a home office *and* you actually claim the home office, or;

If your business incurred any valid business expenses in 2022, then you should file a tax return even if you show zero business income. That way, any expenses incurred will be accounted for and carried over to next year, and asset depreciation will continue as it should on those assets that were "in service" for any period of time on 2022.

 

VolvoGirl
Employee
February 15, 2023

You can enter expenses and show a loss on your tax return.  You will need to use the Self Employed version to enter expenses.