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Get your taxes done using TurboTax
If your LLC had no income and no expenses in 2021, you are not required to file a tax return for your LLC.
However, if your LLC had no income but had deductible expenses, then you have to file a tax return.
If the expenses are start up costs (incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business) then you can elect to deduct up to $5,000 of start up costs in the year in which the active trade or business begins. Any remaining costs must be amortized.
If you started your business in 2021 but it begins to become active only in 2022, you can deduct up to $5,000 of start-up costs in 2022.
If the expenses are ordinary expenses (such as rent, utilities), then they are deductible in the year they are paid.
Also, if your LLC is a single-member LLC or a husband-wife LLC in a community-property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), it is a disregarded entity for tax purposes and you can file a Schedule C for your LLC on your personal joint tax return.
Otherwise, you have to prepare a LLC return (form 1065). You cannot use TurboTax online to prepare form 1065, but have to use TurboTax Business which is only available as a CD/Download on a Windows computer (not compatible with Mac).
You can purchase TurboTax Business from this page.
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