Do I Need to File a Tax Return for My New Business? No Activity or Income? Due Dates?

[@osimon72]

This is the best explanation I've ever seen on this particular topic. You are the best. You have a new follower.

[@feliciahaynes8224]

You did an amazing job explaining all of this. I,ve been looking for this for a year. Thanks ☺☺

[@NaviMarajCPA]

Thanks Felicia - glad you finally got your answer!

[@nonomusicx29]

Thank you so much for sharing Navi! Very interesting and so helpful! Looking forward to more LLC partnership content!

[@talkandeattv]

THANK YOU this is the most comprehensive tax video I’ve ever seen !

[@pittinvt4229]

Very educational videos! Thanks very much for making them. Not sure on your opinions on the matter, but could you make a video dealing with cannabis businesses? At least what to do on the federal level as the different states that have legalized cannabis vary. Our story: We have started a mmllc and are currently operating as a state licensed tier one micro cannabis cultivator. We did not make any profit last year but did incur a lot of expenses (and bought a tractor before the end of the year to use on the farm for the business). We are not sure if we should file on the federal level. Thanks again for your videos. You are a natural teacher

[@snakelock2007]

Thanks. I'm a new accountant. And this helps a whole lot

[@NaviMarajCPA]

You're welcome - happy to help a fellow accountant!

[@nachshon8602]

Thanks for your presentation and have learn a lot from your short presentation. Can I get the 1120s on IRS website to fill out since I had no income to report, but keep paying on business insurance.

[@ishalljr]

Thank you! The mmllc mfj in a community property state information was golden and right on time. You are appreciated Your name is mines backwards, same as my daughter's (Na'Vi).

[@EasternAmerica]

I do 1040 es state and federal, this quarter I made 0.00 so I am sending voucher in by April 15 with 0.00 on voucher estimated quarter taxes. Hope I am right?

[@danielavillalon890]

Thank you so much for this video! I formed an LLC on 2021 however I have never been able to launch it. So I didn’t make any income 2021 or 2022. I did have expenses tho during these years should I still file the sched c with my husband and I taxes? And also I did not know I had to file last year for 2021. What should I do? Please help me. I’m freaking out. I don’t want to get in trouble!

[@GODS_PrincessForever]

I have the same question. Did you ever get an answer? (even if it was not from him)

[@danielavillalon890]

@@GODS_PrincessForever no I never did

[@indiannumis3718]

Hi Daniela. I also wanted to ask him the same question. But it doesn't seems like worthy. As it seems like he is not answering anyone 😒

[@tyler-cn9me]

I've been watching you for hours and your alot of help and explain everything I didn't even think of. I Will be looking at your chanel more for advice as I move forward with my small company thanks for your hard work and effort to teach

[@NaviMarajCPA]

Thanks so much for the feedback Tyler! Glad you’re learning! 👍🏼

[@gibbigabs168]

Thank you so much for your videos!! I’ve been devouring them trying to make up for years of bad financial knowledge. One question I have as a Floridian and STATE taxes though. Should I still file if I made no profits? I make around 50k/yr at my regular full time job, but had been trying to make it as a freelance artist. Never had much time to put into it until the pandemic hit and suddenly I made ~$800 total through my art. Not all from one source, two required w9s for payments of $500 and $200. I have been loosely tracking my expenses though and I know I still made $0 in profits as this year I took advantage of the extra income and purchased better tools, upgraded my digital art set-up and marketing. I will definitely file in the future if I operate as a loss though, and will better track my expenses. Thankfully I love my full-time job, and this is more of a way for me to continue to sustain my hobby than to break the bank or get famous.

[@boogermagoo]

Pimpin aint easy. You gotta hustle. You gotta protect ya neck!

[@TheTreehouseFamily]

Thank you so much for this video, just to verify, if I have opened un llc with intentions to put assets and stuff in it but decided to not use it so have had 0 activity on it for the year, I wouldn't need to file a return for it ? My cpa is confusing me because he says it still needs to be filed even if its had 0 activity but I didn't think I needed to

[@jennybui5295]

Hi ! I love lam your videos and I learned a lot from them . There’s questions I hope I get your answer before I going to file my tax return this year . My family bought a business ( Poultry business) in Nov 2021 and we need to make some improvements for business such as fixing the structures and replacing some parts . I registered with the state and form my business as LLC partnership which has my dad , my mom and my self . My business actually running in Feb 2022 . Therefore, I have no income but expenses plus mortgage interest from the bank . Do I need to file tax for my business and if yes I will need form 1065 for partnership and K1 for individual shareholders? Who will issue 1065 and K1 ? Please advise

[@chelsiSRH]

Hi, I'm trying to understand, if you don't have any income but you're starting off with the LLC and you have expenses such as paying for a website, marketing, email etc. for the business, do you file those expenses to see if it'll be an offset?

[@rserna801]

How do I file state and federal FINAL TAXES for single member llc. I didn't use or make any money. What forms do I need

[@arod.de_cali]

What about Ca where they charge $800 to have an LLC and I've had no activity?

[@MT-qq1rq]

I think if you don't deduct this expense on your federal tax return you don't need to file for the LLC assuming it is taxed as a partnership.

[@kevinpaz1055]

I filed a Fictitious DBA with a partnership (1065) - what's the cost? I didn't have any income nor activtiy this year and I don't understand why I would be charged with no movement ?

[@NaviMarajCPA]

Hey Kevin...in this video I explain that a Partnership with no income or expenses does not have to file a tax return. That said, if you made the S corp election for a multi-member LLC you formed, filing a tax return is required.

[@MT-qq1rq]

@@NaviMarajCPA Hi Navi, MMLLC tax as partnership has no income but has minimal expense relates to paying state franchise fee (TX) but this expense is not treated as a deduction on the federal return. Therefore, based on the IRS instruction this LLC is not required to file form 1065....please correct me if I'm wrong. Thanks!

[@lareshondatreadway3999]

Thank you for making this video. My only question is if I just formed my smllc this year in January, do I wait to file a 2021 tax return next year or would I still file this year? If I file this year i'm just confused on the year part being that the file year is for a 2020 tax return. I hope that makes sense 🤔...

[@NaviMarajCPA]

You’re welcome and thanks for watching. If you form an entity during 2021 you would file the tax return for that entity in early 2022 when you are preparing your 2021 taxes.

[@lareshondatreadway3999]

@@NaviMarajCPA Omg thank you for your response. It's truly appreciated

[@universe5364]

I started a reselling business in January 2024. Made some sales but still in the red (expenses exceed revenue). Do I have to file anything for my small business taxes this year, or do I start filing business taxes in 2025 (like the way we file our 2023 taxes in 2024 - on a delay)?

[@chelsiSRH]

Hi again, what if you don't have any other income to file if your just starting out with the business?

[@newyork1524]

Thanks for the video! Is a single member LLC synonymous with a single member PLLC for tax purposes?

[@SCLana]

Thank you for easiest explanation, here new subscriber😊

[@NaviMarajCPA]

You’re welcome…great to have you. Stick around - you’ll learn a lot to help with your business taxes.

[@aliyahthegardenist]

Perfect video. Thanks for this!!❤

[@JourneywithTiffany]

What about a PLLC? I’m a therapist getting ready to head into private practice

[@apurvapatel2623]

Thank you so much! you make it really easy to understand.🥳

[@devil5june]

Thank you for clarity. I am about to close my multi member LLC in CA which was formed < 12 months ago. It had no business done (no income - no expenses) other than opening of bank account with some director contribution to maintain bank a/c. Should I not file form 1065 and simply inform IRS about closing the EIN & IRS business account ? Please confirm.

[@gracewong6321]

Thank you for making this video. Super helpful!

[@wilcodenbrok8034]

I have a single member LLC and no activity, and i am foreigner, do not live in USA. I do not do a personal tax return in the USA. So i guess i do not have file any report? Correct? Thanks a million!

[@abdulrabb1616]

Did u get the answer..share

[@creativetouch-artcraftdesi9044]

Hi, I formed an 𝗟𝗟𝗖 for my home baking business in January 2021 and I haven’t have any income yet. I understand that if my profits is less tha $400, then I don’t need to file a tax return. In this case, is there any paper work that I need to fill out? Or I don’t have to do anything. I haven’t apply for for EIN yet. Am I going to have any issues with IRS? Thank you so much!

[@wilcodenbrok8034]

I am wondering the same thing? What was the final answer?

[@daneleceng]

Hi Navi, This is very informative. Can you file a tax extension for S-Corp yourself online? I heard you can do it via 7004 form. What about the estimated tax payment? Can you do it as the business owner or do you need a CPA? What about CA S-Corp tax extension? I heard filing FTB3539 and form 100S? I am just curious. I need to file an extension for my LLC (S-Corp tax election). I recently saw your videos and I have learned that S-Corp tax election is not a good idea if profits < $40,000 Is it possible to revert the S-Corp tax election to LLC? Keep up the great work. Regards, Dan

[@NaviMarajCPA]

Hey Dan - thanks for the feedback. I'm getting to you too late but, yes, you can file the extension yourself using online software. You don't need a CPA or accountant to do it for you. You can also mail it in to the IRS as long as it is postmarked prior to the deadline. Yes, you can revoke your S - Corp election: www.irs.gov/forms-pubs/revoking-a-subchapter-s-election

[@jaycassa]

Hi Navi, I've been trying to reach you but to no avail. I know you're busy. My situation is similar in that I have a multi-member LLC(spouse) with no income, but monthly expenses & S-Corp election also needing to file an extension. Do I resolve/ revoke the S-Corp election since there's no income? or does me having expenses change that? Do I file as 1065 or S-Corp because of the expenses? Please & thank you. Love the video.

[@zahirkhan778]

This is good information

[@vekkal2180]

This is really helpful. Thank you Navi for the good information. I filed LLC last year but I have 'No income'. I am doing the personal tax returns and I wanted to file the business tax returns with 'No Income'. I got into a section for LLC but it said whether i received 'Schedule K-1 or Schedule Q' but i didn't receive any. I don't see any section for 'Schedule C'. when i get into 'Schedule K-1' section, it said, the type of Schedule K-1 received with an option 'Partnerships/LLC(1065)'. I didn't receive 1065 form. Who will be giving the 1065 form? Do i have to fill this form? Please provide me your input when you get a chance. I appreciate your help.

[@NaviMarajCPA]

Based on the information you provided, I'm not sure you have to file anything. If you LLC is taxed as a sole prop and you didn't have any profit then you don't need to file anything. If your LLC is taxed as a partnership and you didn't have any income then you're not required to file a partnership tax return. Re-watch the video after reading this and I think it will clear things up (I hope). Thanks for the feedback and support!

[@mariainiguez7976]

@@NaviMarajCPA I have a similar situation. I formed SM LLC in February 2021, the business is inactive, I haven’t made any income nor have I incurred any expenses. When I file my personal tax return, should I enter all 0s on schedule C? Also, will I need to file any additional returns for SM LLC in the future or always in my personal return on schedule C?

[@rainacherienne1010]

@@mariainiguez7976 I have the same exact question!

[@trippyafternoon]

Hey Navi what if the furthest you got was getting the llc? Never got tax number never bought product no gains or loss do u need to pay taxes

[@LadyALCO]

Thank you for sharing!

[@NaviMarajCPA]

My pleasure!

[@sssniperwolfsbiggestFAN123]

I formed my LLC , c-corp in November 2021 and I maid no income because I didn’t officially start my business. And the only expense was the fee for the agent that opened my LLC. What would I put on the 1120 form? Also I want to file to be taxed as s-corp. what would I do?

[@SaadKhan-uh7lq]

Thank you!! this is really helpful!

[@NaviMarajCPA]

You’re welcome…glad you found it helpful!

[@ahsinsmith3963]

QUESTION. I’m in Chicago. I have my own personal residence but Can I put my 3 unit rental in a land trust make my sister the trustee? (She lives there )And make an LLC to make my LLC The beneficiary? the building isn’t making any income because it’s family living there and they break even on the total bill on that property. 🤔 or should I increase the rent $10 more a month?? Would that be better or should I just leave it breaking even?🤔

[@_httpantwon]

How do I file a zero tax return? Because Arkansas State of Secretary keeps harassing me, acting like I owe them over $4,000 when I didn’t even make any money from the business (sole proprietorship, Amazon Seller)

[@NaviMarajCPA]

States can be more aggressive than the fed. My advice would be to contact the state, tell them it’s your 1st year in business…you didn’t know…ask for an abatement of fees…blame COVID and follow their instruction.

[@abc1xyz222]

+Navi Maraj Hello Navi, I have a single member LLC I formed last year. I haven't made any income on it yet but I did have expenses in 2020. I filed for an extension to OCT 15. Do I have to file? Great content thank you

[@NaviMarajCPA]

A single member LLC is taxed as a sole proprietorship so any income or expenses should be reported on Schedule C which is part of your individual tax return. If you don't report the expenses you may lose out on those deductions.

[@mauricejohnson6123]

THANK YOU! DO YOU PRACTICE IN SAN DIEGO!

[@NaviMarajCPA]

Hi Maurice! You're welcome....As a CPA, I can practice in pretty much every city and state. I have a few clients in California.

[@Nez833]

Very informational thank you

[@NaviMarajCPA]

You’re welcome Nasko!

[@thekhronichustla1959]

Hi so at the end of the day … let’s say you started an LLC but have never ever made any money , put money into it, nothin …. You basically just have a business on paper…. You do not need to file taxes for this business ?

[@yasmineyoung9988]

Where can I find a tax code or "proof" that a MMLLC does not have to file form 1065 if there is no income or expenses?

[@NaviMarajCPA]

www.irs.gov/faqs/small-business-self-employed-other-business/entities/entities-4

[@yasmineyoung9988]

@@NaviMarajCPA Thank you kindly!! Great and very informative video.

[@NaviMarajCPA]

You’re welcome!

[@chloeburnette9830]

thank you, handsome!

[@tiffanyestrada6847]

How can i get in Contact with you