topic My company didnt make money this year, do i still need to pay taxes ? in Get your taxes done using TurboTax

My company didnt make money this year, do i still need to pay taxes ?

Moises568 — Wed, 26 Jan 2022 19:35:38 GMT

Hello i created a S-Corporation because i wanted to start my own business but my plan didnt work out as i wanted it to so i ended up making no income with the company all year. Do i still need to file any type of tax information this year regarding my company ?

Re: My company didnt make money this year, do i still need to pay taxes ?

MinhT1 — Wed, 26 Jan 2022 19:42:25 GMT

Yes, a S-Corp has to file a tax return (form 1120S) even if it has no income or expenses.

Re: My company didnt make money this year, do i still need to pay taxes ?

Moises568 — Wed, 26 Jan 2022 20:14:32 GMT

How would i go about obtaining that form ? Can i use turbo tax to get this done ? Would i have to create a new account on turbo tax just for my corporation?

Re: My company didnt make money this year, do i still need to pay taxes ?

DianeW777 — Wed, 26 Jan 2022 20:23:02 GMT

Yes, you can complete an 1120S return by using TurboTax Business software. And yes, it will be a new account because it's business software versus individual software.

What types of returns does TurboTax Business handle?