Started LLC in 2017(MA), 2 owners and no employees. This first year, we have purchased equipment and didn't make any money. Do we have to pay taxes?

[rachamalla-prash]

Started LLC in 2017(MA), 2 owners and no employees. Also, have full time job with w2. This first year, we have purchased equipment and didn't make any money. 

Do we have to pay taxes? 

We would like to make taxing on our individual accounts along with our w2's. Can we make deductions on the expenses incurred? 

Any link describing how to file taxes and information would be helpful. 

Thanks

[DS30]

It depends but you would not have to pay any taxes unless you have business income.

If you were not actually "opened for business" in 2017 then you will not have to file any tax return for your LLC until you actually are open for business.

If you are open for business but did not make any money, then you would need to file a return for the LLC.

A multi member LLC is considered a separate entity and will need to be reported on a separate federal income tax return (you will need TurboTax Business, you can purchase a downloadable copy here ) If reported as a partnership (Form 1065), you will need to include your K-1 from this partnership with your individual US federal income tax return.

Here is a link to  Taxation of an LLC that may help.

Please note that you will not be able to include your Multi-member LLC income on a Schedule C attached to your return. The only multi-member LLCs that are allow to file as a disregarded entity would be husband and wife LLCs in community property state (MA is not a community property state.)