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My LLC didn't generate any revenue in 2021 except for $500 because of the pandemic what form should I use to file my taxes with my business taxes

My LLC didn't generate anything but $500 in 2021 what form should I file my taxes with
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2 Replies
rjs
Level 15
Level 15

My LLC didn't generate any revenue in 2021 except for $500 because of the pandemic what form should I use to file my taxes with my business taxes

Is it a single-member LLC or multi-member? Has the LLC filed an election with the IRS to be treated as an S corp or C corp for income tax purposes?


If it's a multi-member LLC and you and your spouse are the only members, what state are you in?

 

Carl
Level 15

My LLC didn't generate any revenue in 2021 except for $500 because of the pandemic what form should I use to file my taxes with my business taxes

To say "MY LLC didn't generate any revenue in 2021 except for $500" is contradictory. Your LLC generated $500 of income. If this is a single member LLC you will report the business income/expenses on SCH C as a physical part of your personal 1040 tax return.

If this is a multi-member LLC then the LLC will complete a 1065 multi-member/Partnership tax return and issue each owner/member a K-1 which each owner/member will need in order to complete their individual 1040 tax returns.

If the LLC is a multi-member LLC with only two owner/partners, and both partners are married to each other, and both will be filing a joint tax return, and you are in any of the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, then you both also have the option of splitting all business income/epenses 50/50 and each of you reporting your half of business income/expenses on a separate SCH C for each of you, as a part of your joint 1040 tax return.

If your LLC filed a form 2553 electing to have your LLC "treated like an S-Corp", or form 8832 to have your LLC "treated like a C-Corp" for tax purposes only, then none of the above applies.

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