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I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

 
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Accepted Solutions
CathiM
New Member

I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

No, not unless you had other income. You are only required to report net earnings from self-employment of $400 or more.  Net earnings is gross sales minus business expenses.

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5 Replies

I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

What is a 20q7 form?
CathiM
New Member

I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

No, not unless you had other income. You are only required to report net earnings from self-employment of $400 or more.  Net earnings is gross sales minus business expenses.

I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

I was told that I needed to file an 20q7 form. What's that?
CathiM
New Member

I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

Could that be a typo? do they mean 2017 form. I can't find anything on 20q7 form.  Who was it that told you?

I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?

Yep, for sure it was a typo from a friend who was trying to answer my question. No such thing as 20q7 form apparently ...thanks for your answers, very helpful!
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