Created LLC

Forum|Forum|3 years ago
February 22, 2023
1 reply
3 views

Hi!

My LLC was created but did not earn any income during 2022. I'm trying to figure out if I should file the paperwork myself. What benefits would there be if I file with TurboTax?

Thanks!

DawnC

Level 15

Did you have any expenses to claim? You can claim operating expenses even if you haven't earned any income. TurboTax can certainly guide you through that. Is this a single-member LLC and what state did you create it in?

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trokstarconstructionAuthor

Level 2

It's considered a partnership. There are two memebers and was created in PA. I did purchase tools and have receipts that total close to 10k. Personally, I received 2 1099-NECs. The LLC was created on Oct. 5. Thank you for your help with this!

Cynthiad66

Level 14

Your business is just starting and to file with TurboTax now will make it easier for filing in the future. Your information from prior years will be saved in the system and a history will be saved. Necessary carryforwards will automatically transfer over. Overall, just a great way to start your tax journey for your Partnership.

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