bell notificationshomepageloginNewPostedit profiledmBox

Hoots : Do I need to file schedule C if I had a net loss? I ran a business in 2015 (sole proprietorship) that had a net loss, and I have discontinued that business. Do I need to file a schedule C for it, assuming I do not want/need - freshhoot.com

10% popularity   0 Reactions

Do I need to file schedule C if I had a net loss?
I ran a business in 2015 (sole proprietorship) that had a net loss, and I have discontinued that business. Do I need to file a schedule C for it, assuming I do not want/need to offset other earnings by that loss (and may even benefit from a larger EIC)?

EDIT: None of my income was large enough to be reported by anyone on a 1099 or similar. All my income from this business came from individual customers (as opposed to business entities).


Load Full (1)

Login to follow hoots

1 Comments

Sorted by latest first Latest Oldest Best

10% popularity   0 Reactions

Yes, if you had income, then you'll need to file Schedule C this year. The fact that it won't get reported on a 1099 does not eliminate your obligation to pay tax on it. The fact that you also had a loss does not change the fact that you had income - It may alter the amount of tax that you ultimately need to pay.


Back to top Use Dark theme