Could you please clarify some information for me? A sole member LLC itself does not pay taxes and does not have to file a return with the IRS. A sole member LLC reports its income and expenses on a Schedule C and submits it with your 1040 return. When you say you had no profits and no loss in 2021: Did you conduct any business in 2021? Did you operate a business and your income and expenses were the same and resulted in a zero income/loss? Are you still operating your business? Did you file a Schedule C with your 1040 return for 2020?Answers to these questions helps me provide you with the correct information on whether or not you need to file taxes on the LLC.

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madison-b-harris

Level 2

Question

If I am the sole member of my LLC and made no profits and had no loss in 2021, do I need to file taxes on the LLC?

Forum|Forum|4 years ago
February 2, 2022
4 replies
14 views

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TurboTax Deluxe Online

JillS56

Level 10

Could you please clarify some information for me?

A sole member LLC itself does not pay taxes and does not have to file a return with the IRS. A sole member LLC reports its income and expenses on a Schedule C and submits it with your 1040 return.

When you say you had no profits and no loss in 2021:

Did you conduct any business in 2021?
Did you operate a business and your income and expenses were the same and resulted in a zero income/loss?
Are you still operating your business?
Did you file a Schedule C with your 1040 return for 2020?

Answers to these questions helps me provide you with the correct information on whether or not you need to file taxes on the LLC.

madison-b-harrisAuthor

Level 2

Thanks for some insight! No business was conducted in 2021.

JillS56

Level 10

As a sole member (single member) LLC and you did not conduct any business under your LLC (had no income or expenses) you do not have to file a Schedule C. You do still need to file 1040 if you have other income.