How to File Taxes for E-Commerce Store Last Year With No Profit

USA Discussion in 'Businesses / Corporations' started by arronyanx, Aug 9, 2017.

  1. arronyanx


    Aug 9, 2017
    Likes Received:

    I opened my own e-commerce store December of last year through my own website and on Etsy. I have invested about $4,000 into the store (including website design, photography, inventory, packaging, online hosting, business cards, etc) throughout the year and have only made $500 in sales for 2016 since I launched the store in the last month of the year. Foolishly, I didn't do my taxes for my online store earlier this year and now, I have a few questions on how I should go about this.

    Since I have used a large amount of money to set up the store in 2016, would those expenses carry over to 2017 to reflect a loss? Without those initial investments, it would seem like I have made a profit for 2017, which is inaccurate since I still haven't broken even yet.

    What kind of forms should I fill out to file taxes for an e-commerce store? I'm the sole proprietor and is also located in New York.

    Thank you for your help in advance!
    arronyanx, Aug 9, 2017
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  2. arronyanx

    Drmdcpa VIP Member

    Aug 2, 2017
    Likes Received:
    You need a CPA. Too many issues too many unknowns to discuss here.
    Drmdcpa, Aug 9, 2017
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