Will I owe taxes or refund if my expenses exceed income (self-employed)?

If your expenses exceed your income as a self-employed individual, you may not owe any taxes for that year and could potentially qualify for a net operating loss, which can be carried forward to offset future income. However, it's important to file your tax return to report the loss, as this can impact your tax situation in subsequent years. Additionally, if you have other sources of income, your overall tax liability could still be affected. Consulting a tax professional is advisable for personalized guidance.