Llc taxes. I opened LLC single member on Sep2016 but have no income. Do I file any federal tax returns OR any tax at all

Forum|Forum|7 years ago
June 3, 2019
1 reply
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Me & my wife have separate LLC (my LLC opened on Sep2016 & hers on end of March'2017) & we file joint tax return (Federal & State). We also use Intuit all the time. We do not have any LLC income at this time. Do we any any quarterly tax returns at this time when we have no income?

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Carl

Level 11

If the business was "open for business" in 2016, then weather or not you had income is irrelevant. You still report it on SCH C as a part of your personal tax return. If you have business expenses to claim, you claim them too. Now your business expenses will not be "allowed" if you don't have the business income from which to deduct them. But that's fine. Those expenses will just be carried forward to the next year where you can deduct them, provided of course you have the business income from which to deduct them. But if you don't "claim" them in the tax year they are incurred, then you can't carry them forward to the next year.

Since an LLC is registered at the state level, if your state taxes your income and they don't get a return showing your business income/expenses (even if all zeros) then they will notice that and possibly fine you for failing to file a tax return.

beourcoachAuthor

Level 2

Thanks Carl for your response. The LLC is registered in Delaware & I stay in another stay & file tax there. Are you saying I need to file a return in Delaware OR in the state were I am resident & file regularly?