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olamideogunsanya87

Question

I registered my single member llc in MD Jan 2024 but no income or expenses as I am waiting for business license to be approved. Do I need to file any tax for my new llc?

Forum|Forum|1 year ago
March 14, 2025
1 reply
0 views

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Since your business wasn't operational and you didn't have any income, then you don't have to report your business on your return. ‌As you start your business, you should keep track of all of your costs so you can deduct them when your business is operational. These expenses are considered start-up expenses.

If you would like to see more information about Start-ups, see the TurboTax help article below:

Start-up Business Tax Tips

Here’s how businesses can deduct startup costs from their federal taxes