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mp_fuel
November 16, 2022
Question

Online Business

  • November 16, 2022
  • 1 reply
  • 0 views

How do we report a small-scale online business that opened and closed in the same year where expenses exceeded revenue?

    1 reply

    L
    LarryL20
    November 16, 2022

    If you operated a business or practiced your profession as a sole proprietor, report your income and expenses on Schedule C.  The loss (expenses greater than income) would be determined from Schedule C and reported on IRS Form 1040.

     

    Page 84 of IRS 1040 Instructions will provide you with more specific information about the reporting various types of expenses on Schedule C. 

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