tech_pants
Member
What is the name of your state (only U.S. law)? California
I'm a brand new business, just started last February. Mostly I've been buying equipment for my business, which I kept receipts for, but I HAVE had some customers, but not over 400 dollars worth of income. I've taken in customers although I'm not fully functioning yet.
I also get social security disability and SSI. The social security admin. told me when I started that I won't have to tell them when I make money if I know it will be a "loss" at the end of the year. They told me that if I don't expect to make a enough money during the tax year I should just file to show them the money I DID make is not substantial enough to be considered income...I think I interpreted that correctly, not totally sure.
Should I file to show them it was a loss, or should I report the little income I happened to make ? I would think I should file to get what little Earned Income Credit I have coming, and to show Soc. Sec. that it WAS a loss... No?
I'm a brand new business, just started last February. Mostly I've been buying equipment for my business, which I kept receipts for, but I HAVE had some customers, but not over 400 dollars worth of income. I've taken in customers although I'm not fully functioning yet.
I also get social security disability and SSI. The social security admin. told me when I started that I won't have to tell them when I make money if I know it will be a "loss" at the end of the year. They told me that if I don't expect to make a enough money during the tax year I should just file to show them the money I DID make is not substantial enough to be considered income...I think I interpreted that correctly, not totally sure.
Should I file to show them it was a loss, or should I report the little income I happened to make ? I would think I should file to get what little Earned Income Credit I have coming, and to show Soc. Sec. that it WAS a loss... No?