thread Re: Filing Income Taxes in Archived Discussions (Read Only)

Filing Income Taxes

scalesontails — Wed, 10 Apr 2024 17:58:41 GMT

Ultimately, my plan is to grow my business so that it becomes profitable. Last year was my first year in business and I have little income to report (under $500). However, lots of start up expenses, including cost of goods sold, and other operating costs such as website setup, tradeshow fees, square and Etsy fees, etc.

I am familiar with filing income taxes for both individuals and businesses, but I'm unsure at what point I should claim income/expenses. If my business was to take off this year or next, I would have lost the ability to claim those expenses. Am I able to file for 2023 as a loss?

Re: Filing Income Taxes

BernadetteA — Wed, 10 Apr 2024 20:42:41 GMT

Thanks for posting your question, @scalesontails

I am not a tax professional, and although I'm sure other sellers may have some good advice for you, my best suggestion is to reach out to a tax professional in your area. I do know that tax rules can differ from state to state, so I believe it would be in your best interest to speak with someone local - especially it being your first year. ❤️

Perhaps a site like taxjar.com may help shed some light as well.

Re: Filing Income Taxes

scalesontails — Thu, 11 Apr 2024 14:33:45 GMT

Thank you, Bernadettea - I will reach out to CRA and see what they offer for advice.