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January 22, 2023
Question

What if I don't have any income for my small business? I did not sell anything in 2022.

  • January 22, 2023
  • 1 reply
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I wasn't open for sales until late in the year, and did not sell anything during that time.

1 reply

January 23, 2023

It is not a problem to report your business expenses for 2022 even though you did not have any business income for 2022.   It is not an uncommon situation when a business is started late in the year.  

 

You will report your expenses on Schedule C Business Income and Expenses.  

 

Use the following steps to go to the Schedule C section of your return to enter your information:

 

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner) 
  • This opens a box where you can type in “schedule c” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to schedule c
  • Click on the blue “Jump to schedule c” link 

Be aware that you will need to use either TurboTax Online Self-Employed or one of the CD/downloaded versions of TurboTax to claim self-employment (business) expenses.

 

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