I created my llc during summer of 2017, not made sells yet. Do I still need to file for taxes?
05471
1 Best answer
CathiM
New Member
Jun 6, 2019 6:03:36 AM
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.
5 Replies
pastoufmsam
New Member
Jun 6, 2019 6:03:34 AM
What is a 20q7 form?
CathiM
New Member
Jun 6, 2019 6:03:36 AM
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.
pastoufmsam
New Member
Jun 6, 2019 6:03:36 AM
I was told that I needed to file an 20q7 form. What's that?
CathiM
New Member
Jun 6, 2019 6:03:38 AM
Could that be a typo? do they mean 2017 form. I can't find anything on 20q7 form. Who was it that told you?
pastoufmsam
New Member
Jun 6, 2019 6:03:39 AM
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!