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Question

Revenue from LLC

Forum|Forum|4 years ago
March 9, 2022
1 reply
11 views

Revenue from LLC is $1,500. Expenses were $3,000. What is the revenue threshold for needing an EIN. Can you have expenses that exceed revenue?

Level 15

Yes, you can. That has nothing to do with needing an EIN. the IRS expects you to make a profit in 3 out of every five years.

A tax ID number is not required if you operate a sole proprietorship or an LLC with no employees, in which case you would simply use your own Social Security Number as a tax ID. But you must obtain an EIN if you are a sole proprietor who files pension or excise tax return.