Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I started a new business last year and my expenses were

Customer Question
I started a new...

I started a new business last year and my expenses were higher than what I made (very little). How do I file that easily?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I'm not even sure what you need to know. My business is an alternative health business. I spent about $1500 to get business started and I made about $800.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Don't think so

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/21/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

---------------------------

Note that telephone call and other solicitations are automatically generated by the site, not the experts. If you are not interested, simply decline.

Still typing...

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

If you are a sole proprietorship, you will file the Schedule C. On it, you will report your income and expenses from the business. The bot***** *****ne amount from the Schedule C transfers to the Form 1040. Keep in mind that the $800 income is subject to self employment tax of 15.3% in addition to state and federal income tax.

Link to Schedule C:

https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

--------------------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Am I required to pay tax when there is no profit on that $800?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Tax is paid on net earnings. if you end up with a loss, which it appears that you will, there will be no tax due. However, you still need to file the applicable forms (Schedule C, form 1040, Schedule SE).

Ask Your Own Tax Question
Was this answer helpful?
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
4,558 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do you offer assistance with Form 1040-ES? These are
these are estimated quarterly taxes for this year 2018 … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
On schedule SE I owe $3241. How do I translate this into the
On schedule SE I owe $3241. How do I translate this into the 50% deduction you mentioned? I'm again referring to Form 1040 and line 27.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
28 form 1040A, "tax" - includes FICA and federal income? Or
https://ttlc.intuit.comline 28 form 1040A, "tax" - includes FICA and federal income? Or just federal income? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
On form 1040 line4 21 other income. is this where i should
on form 1040 line4 21 other income . is this where i should enter an amount shown from my pensiopn payments form 1099R … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
86 satisfied customers
Should i use Schedule C, or Form 2106 for my home office
Should i use Schedule C, or Form 2106 for my home office expenses? i work as a salaried employee 5 days a week out of a dedicated home office, which is for the convenience of my employer. I wish to cl… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
Tax question: If I filed form 1040 online and it was
Tax question: If I filed form 1040 online and it was accepted and afterwards I filed form 4868 and it says accepted, does this extend the FBAR? Please provide IRS references. Thanks! Jonathan Wyman, C… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I am completing my moms federal income tax forms for 2017.
I am completing my moms federal income tax forms for 2017. Mom (who is 90) purchased a vacant lot in June of 2012 and sold it at a profit of $23,7550 in November of 2017. Moms adjusted gross income fo… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
According to federal income taxes rules, can a non-
According to federal income taxes rules, can a non- custodial parent fund a bank account with pre-tax dollars to pay child support … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Tax Question: IRS Form 1040, 4562 maybe tax professional For
Tax Question: IRS Form 1040, 4562 maybe tax professional For a barbershop. Would all these expenses be considered leasehold improvements or can they be expensed on schedule CThe contractors were the s… read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
I see Form 1040 is for misc income. Does that activate a
I see Form 1040 is for misc income. Does that activate a self employment as? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
For the form schedule C; line 27b. is that the amount i put
hello, for the form schedule C; line 27b. is that the amount i put for the excess of start up costs that im not allowed to claim in the first year? Therefore, the remaining amount i have to amortize/d… read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
155 satisfied customers
I forgot to include my schedule SE form 1040 when I efiled
I forgot to include my schedule SE form 1040 when I efiled my taxes. Do I need to file and amended return? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,558 satisfied customers
I submitted my 2017 federal income tax forms to Turbo Tax to
I submitted my 2017 federal income tax forms to Turbo Tax to be submitted to the government. Turbo Tax recognized an error to be corrected because I omitted completing one section. Since Turbo Tax did… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I'm confused when income should be on a schedule C and/or
I'm confused when income should be on a schedule C and/or reported on Schedule SE. I'm a musician that gets 1099 for gigs and teaching in addition to W-2s. I was told that expenses used on Schedule C … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
A taxpayer, Form 1040 Schedule C, is on the cash basis. The
A taxpayer, Form 1040 Schedule C, is on the cash basis. The average revenue for the last 5 years is $5,100,000. There is no inventory. The NAICS is 423600Can he remain on the cash basis?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x