Question
Business expenses deduction with no income
I’m self-employed and began working as a contractor in December 2024. I will receive the payment for my December's work in January 2025. I understand that I need to report this income on your 2025 tax return.
However, I have business expenses incurred in December 2024. Can I claim business expenses on my 2024 tax return, even if the business produced no income? Should I deduct them from my 2025 taxes?
I have income through another employer in 2024 though.
