LLC

Forum|Forum|5 years ago
January 28, 2021
1 reply
8 views

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.

TurboTax Self Employed Online

Best answer by Anonymous_

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.

Anonymous_Answer

Level 15

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.