Tax question: My personal business is only a name?

Question by gschulz3: Tax question: My personal business is only a name?
I am a full-time employee of a company, but I also started my own business in 2007. At this point, I have done nothing with the business other than file the “Doing Business As” (DBA) paperwork in my town (in MA). I have generated no business and, therefore, have no assets, liabilities, etc. What are my requirements for filing taxes, both federal and state? I’d like to use TurboTax, but don’t know if I need the “Deluxe” or “Home & Business” version.

Thanks for your help!

Best answer:

Answer by sciencegravy
You don’t need to have a special “business name” unless you want to.

Any income you made on the side goes on Schedule C. And expenses associated with that business are deducted there.

If you had start-up expenses, but no income yet, you can still deduct your expenses in 2007. If they were substantial, you may have to carry some of them forward to 2008. BUT – you can’t use expenses paid in 2007 on your 2008 tax return. So if you did have expenses, go ahead and report them on your Schedule C for 2007, even if you don’t show a profit.

Home & Business or Deluxe should both have Schedule C & Se and all that you;d need as a self-employed person.

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Tax question: My personal business is only a name?

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