Started S-Corp business in 11/2019. Did not earn any sales or income. Do I still have to file tax return?

blam — Wed, 05 Feb 2020 05:02:00 GMT

Hello,

I officially started a business in November 2019 and it has not made any income. I've only purchased some things such as the business license, a business computer, some sample products from the factories, products to sell but will not receive them until March 2020, and business insurance.

I do not have any employees as this I am Self-Employed for this business.

Also, if I do have to file a tax return, would I be able to write off on some of the expenses that I've made during the last 2 months of 2019.

Thank you!

Re: Started S-Corp business in 11/2019. Did not earn any sales or income. Do I still have to file tax return?

Anonymous_ — Wed, 05 Feb 2020 17:01:50 GMT

Yes, you must file an 1120-S (S corporation income tax return) regardless of whether or not you had any sales or income.

See https://www.irs.gov/instructions/i1120s#idm139641016872208

You can deduct expenses incurred at such time (and after) you were officially open for business. Costs incurred prior to opening can typically be deducted as start-up or organizational costs.

topic Started S-Corp business in 11/2019. Did not earn any sales or income. Do I still have to file tax return? in Business & farm

Started S-Corp business in 11/2019. Did not earn any sales or income. Do I still have to file tax return?

Re: Started S-Corp business in 11/2019. Did not earn any sales or income. Do I still have to file tax return?