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CB58
Level 2

LLC

I started a LLC 2-3 years ago with the intent to start my own business. I haven’t used it for anything but have kept it active in case I wanted to. Is there anything I should have been claiming on my taxes? I have a regular job with a W2 and received a couple 1099s over the years (not for the LLC,  in my name) that were all reported in my tax return. Do I need to file anything for the LLC I haven’t used? Or anything I should have added to my tax returns? I haven’t even opened a bank account for the LLC. In fact, I might close it to choose a new company name. 
Or is there something I should have filed separately?  
I just remembered I had it when I got an email from my company filing my “annual report.” To renew it I believe. 

I am also the only member. 

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1 Best answer

Accepted Solutions

LLC

If your LLC neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes you do not have to file a 1065 for a multi-member LLC.

 

Since you have a single-member LLC, your LLC is treated as a disregarded entity for federal income tax purposes and you would file a Schedule C, the same as a sole proprietor.

 

Since you have neither income nor expenses, there is no federal income tax form you need to file for your LLC, either way.

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1 Reply

LLC

If your LLC neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes you do not have to file a 1065 for a multi-member LLC.

 

Since you have a single-member LLC, your LLC is treated as a disregarded entity for federal income tax purposes and you would file a Schedule C, the same as a sole proprietor.

 

Since you have neither income nor expenses, there is no federal income tax form you need to file for your LLC, either way.

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