Hello!
I started my own business (Incorporated in Delaware) late in 2023. I have ~$20K of costs in 2023 (paid to 1099 independent contractors), no FTEs, and no revenue. I need to both (1) File business taxes, and (2) file personal taxes (all income in Ohio). What should I do to file my business taxes? And how does that impact my personal taxes?
Best,
Sean
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As a C Corp you are required to file form 1120. That is a completely separate tax return from your personal return. Ohio has a similar form and filing the federal return will take care of Ohio as well.
Going into next year when you will assumedly make more money it might be a good idea to look into taking an S-election which will complicate your paperwork life a lot but will save you a bunch in taxes. Here's an article about it.
[Edited 02/29/24 07:01 PST]
Thanks so much @RobertB4444! Does this mean that I do not need to file a separate tax return for the business? Or what do I need to do to file that?
Yes! Sorry, you will need to file a form 1120 for your C-corp.
TurboTax has the resources to file business returns for your form 1120 at this link. You'll file that return and then file your personal return separately.
Since the C-corp has a loss for this year then it doesn't make much difference but going forward you should still sit down with an advisor to discuss whether or not an S-election is for you.
[Edited 02/29/24 07:11 AM PST]
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