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January 19, 2020
Question

How do i edit my tax return to add a non income business

  • January 19, 2020
  • 1 reply
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1 reply

KathrynG3
January 21, 2020

If I understand you correctly, you want to know how to report a business on your tax return that did not make any money. While you can report the income in TurboTax Deluxe, you will need to upgrade from Deluxe to Self-Employed to capture the expenses.

 

If your business had no income, as long as the business "opened its doors" in 2019, you can report the 2019 expenses on your 2019 tax return on Schedule C. If there were expenses in prior years before the business opened its doors, then you will report those expenses as a start-up costs. They are deductible in the year that the business opens.  

 

To read more about business expenses from the IRS, click here.