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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?

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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?

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