Created corporation last year, but didnt start business, do I need to file taxes for last year

Forum|Forum|3 years ago
March 29, 2023
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I created the corp C in march 2022 but haven't started the operations of the business, will start june 2023, I did buy some equipment and services, like phone, email, website; Do i need to file taxes for 2022 and also what should i enter "date business began" in Turbotax Business

TurboTax Business Windows

RobertB4444

For purposes of your tax return the date that your business started is the date that you applied for your EIN. That is the date that goes on your tax return.

When you are deciding whether you need to file a tax return then you should think in terms of actually doing business. If you are a brick and mortar store you don't need to file a return until you have actually opened the doors to let customers in.

What it sounds like is that in 2022 you were still getting ready to do business and that you actually started doing the work in 2023. That's alright - a lot of businesses do that. For 2022, in that case, you don't need to file anything. You just need to save your receipts and add up all of your costs. When you do your taxes for 2023 you will enter all of the costs from before you opened up as a new asset called "Start-Up Costs." Then you will depreciate it for five years, getting a partial benefit from it every year for those five years.

So nothing to do this year.

@KashifS

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