I recently started a business an LLC registered in WY and due to current market condition i am yet to get my first customer. If i have not earned any money by end this year, do i need to file the taxes? If yes, what forms and deadlines i need to pay attention too?
thankyou.
You are entitled to deduct your business expenses even if you have not generated any revenue. The loss created will reduce your other taxable income, if you have other income.
I am assuming you are a single member LLC in that you are the only owner of the WY LLC. If yes, you do not file a separate tax return for the LLC, rather the business financial activity is included in a Schedule C (self-employment) form on your personal 1040 tax return.
i hope this is helfpul to you.
Kelly C.
CPA
thank you Kelly.
i do not pay myself at the moment from the business. Though am full time employee and try to get business going. And yes am single member.
Wyoming does not have state income tax for individuals or LLCs. But there is an annual LLC renewal fee.
If you live in a state with income tax, your self employment income from LLC will pass through to your state income tax return.
I hope this is helpful to you.
Kelly C
CPA