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

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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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Опубликовано:

8 сен 2024

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Комментарии : 55

@rowyeah456 Год назад

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 5 месяцев назад

I started a business but never even started

@ralphlaurore4223 4 месяца назад

danm bro that's me

@Haymanotsavedbygrace 4 месяца назад

Me too

@WaltBarret 4 месяца назад

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.

@epycedits 5 месяцев назад

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?

@timothygardner2974 7 месяцев назад

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

@TRIZCRUTV 7 месяцев назад

Thank you very much finally someone who explain way more better

@dneisb.8552 7 месяцев назад

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

@GermanShepherdDaphne 6 месяцев назад

GREAT VIDEO! Answered my question within a few minutes

@daniquejames9452 7 месяцев назад

So precise & on point. Thank you ma’am

@TheJohnnyLion 5 месяцев назад

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

@richbarrett 5 месяцев назад

Thank you! Way to be concise and helpful.

@zenavllc 6 месяцев назад

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?

@elainecole9862 2 месяца назад

Great video. Thanks!

@avatarking490 5 месяцев назад

Thank you for answering the qustion. love the video.

@iam_KTN 9 месяцев назад

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.

@charlined6171 6 месяцев назад

👏👏👏 thank you for answering questions to my situation

@jenniferreyes1184 5 месяцев назад

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 5 месяцев назад

Same here 😂 I don't even have a ein.

@Natural_Encounters 6 месяцев назад

Thank you! Exactly what I was looking for!

@lorikgian 8 месяцев назад

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

@lukerbs 8 месяцев назад

3:40 is a game changer

@maggiedelaluz Год назад

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.

@gamelkamalielu9154 5 месяцев назад

super helpful. thanks!

@Lakaa 2 года назад

Thank you!

@joannesantos8 5 месяцев назад

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.

@Hellodumbbitchs 5 месяцев назад

Thanks

@ssmoothe2000 7 месяцев назад

Does start up cost count as an expense?

@toddgallagher3100 Год назад

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.

@haroonahmed7496 5 месяцев назад

Very nice. Are you located in Southern California?

@user-oy4mk1gr4r Год назад

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 7 месяцев назад

Did you find out the answer?

@jackiesantini5824 7 месяцев назад

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?

@angSlays13 6 месяцев назад

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?

@patriciaalcala1153 Год назад

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

@danielavillalon890 Год назад

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 8 месяцев назад

so in the end how did you procesed ?

@user-nb5yf9et2v Год назад

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

@ricardotortolero7823 6 месяцев назад

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??

@creativetouch-artcraftdesi9044 3 года назад

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!

@PURAMSAIPRIYA 6 месяцев назад

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?

@gothicsage955 6 месяцев назад

where do I request for tax files for a business?

@omarahmad681 6 месяцев назад

Does it matter if your in Texas

@seancasey6984 5 месяцев назад

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?

@LifeIsBetterWithLove 9 месяцев назад

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

@johum187 4 месяца назад

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

@CookiesAnd40s 7 месяцев назад

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

@laurarace5429 Год назад

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 6 месяцев назад

She says look at your state requirements in the video