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Llc taxes. I opened LLC single member on Sep2016 but have no income. Do I file any federal tax returns OR any tax at all

Me & my wife have separate LLC (my LLC opened on Sep2016 & hers on end of March'2017) & we file joint tax return (Federal & State). We also use Intuit all the time. We do not have any LLC income at this time. Do we any any quarterly tax returns at this time when we have no income?

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4 Replies
Carl
Level 15

Llc taxes. I opened LLC single member on Sep2016 but have no income. Do I file any federal tax returns OR any tax at all

If the business was "open for business" in 2016, then weather or not you had income is irrelevant. You still report it on SCH C as a part of your personal tax return. If you have business expenses to claim, you claim them too. Now your business expenses will not be "allowed" if you don't have the business income from which to deduct them. But that's fine. Those expenses will just be carried forward to the next year where you can deduct them, provided of course you have the business income from which to deduct them. But if you don't "claim" them in the tax year they are incurred, then you can't carry them forward to the next year.

Since an LLC is registered at the state level, if your state taxes your income and they don't get a return showing your business income/expenses (even if all zeros) then they will notice that and possibly fine you for failing to file a tax return.

Llc taxes. I opened LLC single member on Sep2016 but have no income. Do I file any federal tax returns OR any tax at all

Thanks Carl for your response. The LLC is registered in Delaware & I stay in another stay & file tax there. Are you saying I need to file a return in Delaware OR in the state were I am resident & file regularly?
Carl
Level 15

Llc taxes. I opened LLC single member on Sep2016 but have no income. Do I file any federal tax returns OR any tax at all

I can't speak for state taxes. You may be required to file in both states for all I know. But I do know that if you were "open for business" in 2016, then you're required to report the LLC income/expenses on SCH C.
Different states may have their own definition of "open for business" too. For example, in my state of FL (which doesn't tax personal income) I am considered to be open for business on the date the LLC is declared "active" in my state registration.

Llc taxes. I opened LLC single member on Sep2016 but have no income. Do I file any federal tax returns OR any tax at all

If the LLC operates in a different State, yes, you need to register the LLC in that State any pay taxes in that State.

If it does not operate in Delaware, there wasn't a reason to register it in Delaware (and it was a waste of money).
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