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New Business Owner

I've created a single-member LLC in Oregon. My business expenses have exceeded my revenue this year. Will I owe any tax?

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1 Reply
carmen_t
Employee Tax Expert

New Business Owner

Hello and thank you for your question.  In summation, no.  There are a couple of scenarios that may effect your taxes.  If you are an active participant then the loss can assist to reduce your taxable income.  If no active participation, it will be considered a passive activity and carryforward if no other passive income.  Another item to consider since the business structure is a single memeber LLC you will report income from the business on your 1040 Schedule C unless you choose to be taxed otherwise.  I included two links below to provide more info.  One is from TurboTax and the other is from IRS.  Have a great day!

 

From Turbo Tax "LLC Tax Filing Rules" 

From IRS "Limited Liability Company (LLC)" 

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