topic Business filing in Get your taxes done using TurboTax

Business filing

Mrshalsey — Thu, 27 Jan 2022 00:33:18 GMT

Hi I started an LLC last year and I have not made any money at all. Do I still have to file the business taxes since I didn't make any money?

Re: Business filing

DawnC — Thu, 27 Jan 2022 00:44:49 GMT

You shouldn’t file if:

You weren’t actively engaged in a trade or business.
You were preparing to begin your business. Start up costs can be deducted once you officially are open for business - sometimes that takes years 😉

You can either deduct or amortize start-up expenses once your business begins rather than filing business taxes with no income. OR

If you were actively engaged in your trade or business but didn’t receive income, then you should file and claim your expenses. You can show a loss on Schedule C when filing taxes with no income to offset other income and lower your overall tax bill.

What self-employed expenses can I deduct?

Re: Business filing

Mrshalsey — Thu, 27 Jan 2022 00:45:18 GMT

Awesome thank you I wasn't actively engaged in the business I would pay the monthly website fee but that is it.