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?
