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New Member
posted Jan 26, 2022 11:35:38 AM

My company didnt make money this year, do i still need to pay taxes ?

Hello i created a S-Corporation because i wanted to start my own business but my plan didnt work out as i wanted it to so i ended up making no income with the company all year. Do i still need to file any type of tax information this year regarding my company ? 

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3 Replies
Expert Alumni
Jan 26, 2022 11:42:25 AM

Yes, a S-Corp has to file a tax return (form 1120S) even if it has no income or expenses.

New Member
Jan 26, 2022 12:14:32 PM

How would i go about obtaining that form ? Can i use turbo tax to get this done ? Would i have to create a new account on turbo tax just for my corporation? 

Expert Alumni
Jan 26, 2022 12:23:02 PM

Yes, you can complete an 1120S return by using TurboTax Business software. And yes, it will be a new account because it's business software versus individual software.