Do You Still Have to File a Business Tax Return if You Made No Income?

Рет қаралды 31,396

3 жыл бұрын

You started and set up a business last year but unfortunately it did not make any money. Do you have to file a return? In some cases, yet. In other cases, no. So let's talk about it in this video!
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*Disclaimer this information should be used for educational purposes. You should always consult your own CPA and financial advisors for what works best in your specific situation.

Пікірлер: 55

@rowyeah456 Жыл бұрын

I've been looking for these answers for the past 30 minutes in youtube videos and here all my questions are answered in a single video, thank you so much Bree, much appreciated.

@pinkbuttercup2023 4 ай бұрын

I started a business but never even started

@ralphlaurore4223 3 ай бұрын

danm bro that's me

@Haymanotsavedbygrace 3 ай бұрын

Me too

@dneisb.8552 6 ай бұрын

Thank you Bree, straight answers and straight to the point, my go to from now on, much appreciated!

@timothygardner2974 6 ай бұрын

Wow you are amazing this is EXACTLY my situation! A million thank you’s!!!

@TRIZCRUTV 6 ай бұрын

Thank you very much finally someone who explain way more better

@daniquejames9452 5 ай бұрын

So precise & on point. Thank you ma’am

@Natural_Encounters 5 ай бұрын

Thank you! Exactly what I was looking for!

@WaltBarret 3 ай бұрын

I am happy that I found your video. I got an LLC single member. Made no money last year but spent lots of money. I know it is a little too late to file. I am in California. Thanks for this video.

@GermanShepherdDaphne 4 ай бұрын

GREAT VIDEO! Answered my question within a few minutes

@richbarrett 3 ай бұрын

Thank you! Way to be concise and helpful.

@Lakaa Жыл бұрын

Thank you!

@charlined6171 5 ай бұрын

👏👏👏 thank you for answering questions to my situation

@avatarking490 3 ай бұрын

Thank you for answering the qustion. love the video.

@epycedits 4 ай бұрын

LLc here that made no profit, had only expenses and was on a W2 . Can i use TurboTax to file taxes and offset my W2 with my business expenses?

@elainecole9862 Ай бұрын

Great video. Thanks!

@gamelkamalielu9154 4 ай бұрын

super helpful. thanks!

@TheJohnnyLion 3 ай бұрын

🦁Great video! The information was concise and valuable. Keep up the awesome work! Thanks!

@zenavllc 4 ай бұрын

To the point and quite informative. Thank You. So just to confirm, what I understand is that if opened an LLC let's say in December 2023, and it is not functional yet, I do not have to file my taxes as yet. Especially, if I signed for form 944?

@daisy.energetics Жыл бұрын

Did not know all of this until recently. I was told last year that I didn't need to file but was not told about the benefits of still filing as negative net income. Had well over $10k invested and made not a single dollar back. I cut my losses on that all. Still negative this year yet as I've done a lot of investing. Do.I still just let go of the losses from 2021 and start fresh with the 2022 stuff? I ended up donating everything from the previous years investment as nothing was selling.

@iam_KTN 7 ай бұрын

Thank you. If you can review by countries or jurisdictions, it will be helpful. Consulting agencies for these small informations and they take thousands of dollars is not right.

@Hellodumbbitchs 3 ай бұрын

Thanks

@angSlays13 5 ай бұрын

years ago i reported no longer had employees, provided the date and checked season employees box. I have not sent in any since and have not had employees. Was I supposed to send them in anyway, and if I didnt what do i do?

@toddgallagher3100 Жыл бұрын

I'm a sole proprietor business owner, self employed no employees, with standard deduction my taxable income is below zero. Do I need to file? Did not pay in any taxes in 2022.

@ricardotortolero7823 4 ай бұрын

Hi thank you for your video!! So If my new multimember LLC was creted last december 2023 but we don't have any activity at all (no expense or income), so I don't have to file any return to the IRS right??

@patriciaalcala1153 Жыл бұрын

In 2022 no business activity. Do I have to file 1065. Is it the same rule as 2021

@haroonahmed7496 4 ай бұрын

Very nice. Are you located in Southern California?

@lukerbs 7 ай бұрын

3:40 is a game changer

@joannesantos8 4 ай бұрын

Hi, I noticed this video is two years old. so not sure if this question will be answered. If i created an LLC, but have not started my business yet, Do I have to file taxes. All that was does was an LLC, no other transactions.

@ssmoothe2000 6 ай бұрын

Does start up cost count as an expense?

@lorikgian 7 ай бұрын

single owner (non-citizen) disregarded entity (LLC) with no income, ive spent less then 500usd to form the company in 2022

@PURAMSAIPRIYA 4 ай бұрын

if 1120S form income is 0 and line 21 is deduct as 2000 business start up example. Then line 22 is (total income - 2000 ) which is negative in line 22 as -$2000, right?

@jackiesantini5824 6 ай бұрын

Do you file returns? Dec 2023 I left my W2 job, I also have a 1099 for being a real estate salesperson for 2 years now, I registered with my state an LLC but I haven't made money under that LLC so I haven't filed, I recently bought a vacation home that I use as an Airbnb Aug 2023. All these things and would like to speak to someone on how to file that will benefit me. Especially now that I am currently 1099 moving forward. Can you assist me?

@LifeIsBetterWithLove 7 ай бұрын

What if i didnt file for it last year but want to file this year?

@gothicsage955 5 ай бұрын

where do I request for tax files for a business?

@creativetouch-artcraftdesi9044 3 жыл бұрын

Thanks for the video! It’s very helpful. I am from TX and just form LLC in January for my home baking business and have not made any money yet. Is Single member LLC consider as schedule C? And do I have to pay for sale tax even if I haven’t made any money? Thanks!

@seancasey6984 3 ай бұрын

So taxes are paid quarterly, but you only file taxes once? Is that correct? I just started my business this January and incurred a lot of expenses but I didn’t make any revenue in Q1, so do I need to file anything or do I file all my expenses in the beginning of 2025 when I’m filing my annual taxes for 2024?

@user-nb5yf9et2v 11 ай бұрын

Should I fill 1040 if I have 0 income with no business or anything?

@johum187 3 ай бұрын

If I deal with multiple brokers and with one I only revenue 2k do I need to do a return of them?

@CookiesAnd40s 6 ай бұрын

I made 17k and they only took $400 off federal and they also messed up my 2022 taxes and got no federal and im only getting $38 back what should I do? I haven't got my taxes for 2 years they even said thy fixed it last year

@omarahmad681 5 ай бұрын

Does it matter if your in Texas

@user-oy4mk1gr4r Жыл бұрын

This is a very good video. However, I have noticed in the Arizona I have to file or they fine me like $25 every month its late. And this is for a sole proprietary LLC. But my question is if I didnt make any money but I did have expenses how do I file that to subtract it from my W2 income?

@user-ew7ou3dn6f 6 ай бұрын

Did you find out the answer?

@jenniferreyes1184 4 ай бұрын

Thank you for your video, if I understand correctly, I do not have to file because my sole proprietor LLC, made 0.00 and spent 0.00 in 2023.

@coltmurphy3263 4 ай бұрын

Same here 😂 I don't even have a ein.

@danielavillalon890 Жыл бұрын

I opened an online business in 2021 I did not have income in 2021 or 2022 because for life circumstances was not able to launch but I did have expenses I did not file last year for 2021 as I didn’t know. What or how should I do it now ? Thank you in advance!

@lorikgian 7 ай бұрын

so in the end how did you procesed ?

@laurarace5429 Жыл бұрын

Hello, my husband cleans houses but just every 2 weeks and just make $1000 per month., $12000 per year. Do we have to file taxes? I'm applying for a house but I can't qualify cause I'm a low income person. Thank you!

@GermanShepherdDaphne 4 ай бұрын

She says look at your state requirements in the video