Last year my business made no money and I bought no supplies. Do I still need to do a business income tax?

mduss333 · ‎March 11, 2021

Anonymous_ · ‎March 11, 2021

What type of business entity do you have?

MinhT1 · ‎March 11, 2021

It depends.

If your business had no income and no expense in 2020 and if it is a sole proprietorship or a LLC taxed as a partnership, then you are not required to file a Schedule C (for a sole proprietorship) or a tax return (form 1065 for a LLC).

If your business is taxed as a S-Corp, then you are required to file a tax return (form 1120S).

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Last year my business made no money and I bought no supplies. Do I still need to do a business income tax?