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New Member
posted Oct 30, 2019 6:24:59 AM

I started a company in Nov 2017 and the work planned was delayed into 2018. Do I need to submit a self-employed Tax Return if I have not done 1 hr or made $1 yet?

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1 Replies
New Member
Oct 30, 2019 6:25:01 AM

While you could save any expenses that were incurred as Start Up Expenses, techincally you should record the expenses in the fiscal year they occurred.  So while you may not have revenues to report, you likely do have expenses...and it is understandable that revenues may not have happened yet.  Preparing a business statement with your 2017 return can actually take advantage of the expenses and lower your tax liability for 2017.