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March 5, 2025
Question

I started my LLC in Oct 2024.I have only recently started working the business, so I have not made any money. Being new, how do I file taxes with no income?

  • March 5, 2025
  • 2 replies
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    2 replies

    March 5, 2025

    if you have no income from the LLC and no income from other sources such as wages, investments, etc  you are not required to file an income tax return

     

    March 5, 2025

    You can start deducting expenses for your business once you are open for business and actively seeking sales, even if you report no income. Any expenses you have before that point you must add together and treat as start-up expenses once you are up and running. So, if your business was up and running in 2024, go to the self-employment section in TurboTax and enter your business expenses. Otherwise, keep track of your expenses so you can enter them in next year.  

     

     

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