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Old 03-29-2010, 01:31 PM
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Join Date: Mar 2010
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Tax Return

Hello - I was wondering if there is any possibility to obtain a tax return, if I am a Sole Proprietor of a business? I did all the neccessary foot work to register and so forth years ago but am still starting up. I only have expense costs thus far (no income as yet). Can I claim those expenditures if so how may I go about doing so? Thank you.

Best regards!



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Old 04-14-2010, 09:28 PM
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Join Date: Apr 2010
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You can deduct business-related expenses, even if you have no income. The business would, of course, show a loss for the year. From what I've been told, the IRS may begin to "pay close attention" if you're consistently showing a loss every year, especially if you have little or no income every year. In this case, they will be suspicious that it's really just a hobby or something that you're trying to use to deduct expenses for, rather than a business. You would use a Schedule C to enter expenses for the business.



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