turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why do I owe taxes with income zero?

Hello, I am trying to complete my business's first partial year tax return. We are a new LLC and have very little funds in our checking account and generated no income in 2023 because we did not open the business doors until January 2024. However, TurboTax Business is telling me I owe state taxes of $675. We don't even have that much in the account yet after starting to take on clients in 2024. How is this even possible?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

Why do I owe taxes with income zero?

Some states have minimum taxes applicable to businesses where you don't need income to be taxed  - can you clarify what state you are filing for?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies