topic Last year my business made no money and I bought no supplies. Do I still need to do a business income tax? in Business & farm

Last year my business made no money and I bought no supplies. Do I still need to do a business income tax?

mduss333 — Thu, 11 Mar 2021 14:42:05 GMT

Re: Last year my business made no money and I bought no supplies. Do I still need to do a business income tax?

Anonymous_ — Thu, 11 Mar 2021 15:08:16 GMT

What type of business entity do you have?

Re: Last year my business made no money and I bought no supplies. Do I still need to do a busines...

MinhT1 — Thu, 11 Mar 2021 15:09:01 GMT

It depends.

If your business had no income and no expense in 2020 and if it is a sole proprietorship or a LLC taxed as a partnership, then you are not required to file a Schedule C (for a sole proprietorship) or a tax return (form 1065 for a LLC).

If your business is taxed as a S-Corp, then you are required to file a tax return (form 1120S).