I started a home-based business earlier in the year and it never took off, do I have to file taxes on it?

file the returns necessary as long as the business exists. Hope you set it up under Subchapter S, so you can flow the losses through to your own personal return. If you set it up any other way, you may need a tax accountant or CPA to tell you how to take the losses.

I think you must have some business income in order to claim a business. if you have $100 in income and $2000 in expenses, that is (obviously) a loss, but you can claim it as a business. If there is no income at all...I don't think you can claim just the losses. Check with your tax advisor or call the TaxCut customer service and ask them...

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Of course you can file on this. If there was a loss you can claim this on your return.

Yes. If nothing else, you can claim a loss against any other income you may have had.

If you didn't incorporate, you can report your business expenses on Schedule C of your 1040.

You can file a loss on it, which is good for you.

I think you want to claim it and it depends on how much income you earned.

talk to a accountant and ask them