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New Member
posted Apr 14, 2025 10:24:18 PM

I formed an LLC last year, and it's just me. I didn't actually do any consulting work. I spent money, but made none and didn't pay myself. What do I need to file?

I'm just not sure what I need to file and what forms I should have, especially since I didn't make any money from this business and didn't pay myself anything.

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1 Replies
Expert Alumni
Apr 15, 2025 5:42:12 AM

Your single member LLC is a regarded entity for tax purposes.

 

You should file your LLC on a Schedule C in your personal return.

 

In 2024 if you have been active but had no income, you can still report your expenses on a Schedule C.

 

This would result in a loss which can be used to offset your other ordinary income, or be carried forward.