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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: 3 months ago.Category: Tax
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Answered in 1 minute by:
3/21/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,757
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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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).

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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months 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

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Customer reply replied 3 months ago
Am I required to pay tax when there is no profit on that $800?
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months 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).

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