Question

Do I need to file tax for my new business if there’s no revenue yet but I did spend money on it

Forum|Forum|3 years ago
April 11, 2023
1 reply
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I spent money setting up my online business but no profit yet. Do I still need to file some sort of tax?

TurboTax Online

Employee

I am assuming you are a Sch C sole proprietor business reported with your individual tax return as a disregarded non-entity, then you can't file a return with expenses until you have income.

If you have a failure while trying to establish your business, that is a different story and Pub 535 has details.

My favorite website for new business owners has videos to help with sales, full of helpful information, and from the IRS. See Small Business and Self-Employed Tax Center |IRS for more help.

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