Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
dommagic912
New Member

I freelanced last year and started an llc on 12/29/20.... for tax purposes, should I have waited to start the llc on 1/1/21?

I'm filling for an EIN and it's asking for the formation date which is 12/29/20, but I won't start doing business under the new LLC until 2021.
1 Best answer

Accepted Solutions
tagteam
Level 15

I freelanced last year and started an llc on 12/29/20.... for tax purposes, should I have waited to start the llc on 1/1/21?

A business income tax return (federal, on a Schedule C, for a single-member LLC) is not required to be filed until the business begins operations.

 

Obviously, you still have to file your individual income tax return (e.g., 1040).

View solution in original post

1 Reply
tagteam
Level 15

I freelanced last year and started an llc on 12/29/20.... for tax purposes, should I have waited to start the llc on 1/1/21?

A business income tax return (federal, on a Schedule C, for a single-member LLC) is not required to be filed until the business begins operations.

 

Obviously, you still have to file your individual income tax return (e.g., 1040).

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v