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I'm looking to file a first and final tax return for a small business. What is the best turbotax plan/option for filing for a small business with no expense/ no revenue?

 
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5 Replies

I'm looking to file a first and final tax return for a small business. What is the best turbotax plan/option for filing for a small business with no expense/ no revenue?

Depends.   What kind of business entity is it?  Like a LLC, Single Member LLC or S corp.  Or sole proprietor or self employment?   You might need to file it on Schedule C in your personal tax return or file a separate Business return for it.

Hal_Al
Level 15

I'm looking to file a first and final tax return for a small business. What is the best turbotax plan/option for filing for a small business with no expense/ no revenue?

You don't normally file a tax return for  a small business with no expenses and no revenue.  The income tax return is for reporting income and paying taxes on that income; not for reporting an attempt a running a business. 

 

Why do you think you need to?

I'm looking to file a first and final tax return for a small business. What is the best turbotax plan/option for filing for a small business with no expense/ no revenue?

It's an LLC. (non single member)

I'm looking to file a first and final tax return for a small business. What is the best turbotax plan/option for filing for a small business with no expense/ no revenue?

I'm dissolving the LLC and a last tax return is required to dissolve even though the LLC never accrued any expenses or revenue.

Carl
Level 15

I'm looking to file a first and final tax return for a small business. What is the best turbotax plan/option for filing for a small business with no expense/ no revenue?

It's an LLC. (non single member)

No such terminology as "non-single member". If it's a multi-member LLC and was registered with your state as such, then you may need to file a 1065 Partnership/Multi-member LLC tax return.  For that you will need TurboTax Business, which is completely different from Home & Business.

TurboTax Business is not available as an online product or for MACs. It's for the Windows platform only.

https://turbotax.intuit.com/small-business-taxes/

If you are not familiar with the 1065 and the K-1 requirements, you are highly advised to seek professional help for this. Especially if your state taxes personal income.

 

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