Created single member WY LLC (haven't made any money) and registered to be a foreign LLC in MD. Do I have to file tax return?

[nonamegalaxy94]

Good afternoon,

I created a single member LLC in Wyoming in Fall of 2022 and also registered to be a foreign LLC in Maryland (current residency; haven't made any money yet) The question I have is do I have to file a tax return for my LLC in Maryland?

[ThomasM125]

You don't need to file a separate tax return for the single-member LLC in Maryland, as Marlyand conforms to federal regulations regarding entity classification and filing requirements. When you have income and expenses, you will report them on your personal federal tax return on Schedule C and that income will flow down to your personal Maryland tax return.

[nonamegalaxy94]

Thank you for answering my question. I haven't made any money yet for the business so do I still add my business info (name, address, ein, etc.) to my tax return?

[ThomasM125]

No, you don't report anything until you are up and running. Keep track of your start-up expenses as you can get a deduction for them when you business is up and running.