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Started S-Corp business in 11/2019. Did not earn any sales or income. Do I still have to file tax return?

Forum|Forum|6 years ago
February 5, 2020
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Hello,

I officially started a business in November 2019 and it has not made any income. I've only purchased some things such as the business license, a business computer, some sample products from the factories, products to sell but will not receive them until March 2020, and business insurance.

I do not have any employees as this I am Self-Employed for this business.

Also, if I do have to file a tax return, would I be able to write off on some of the expenses that I've made during the last 2 months of 2019.

Thank you!

Best answer by Anonymous_

Yes, you must file an 1120-S (S corporation income tax return) regardless of whether or not you had any sales or income.

See https://www.irs.gov/instructions/i1120s#idm139641016872208

You can deduct expenses incurred at such time (and after) you were officially open for business. Costs incurred prior to opening can typically be deducted as start-up or organizational costs.

A

Anonymous_Answer

Employee

Yes, you must file an 1120-S (S corporation income tax return) regardless of whether or not you had any sales or income.

See https://www.irs.gov/instructions/i1120s#idm139641016872208

You can deduct expenses incurred at such time (and after) you were officially open for business. Costs incurred prior to opening can typically be deducted as start-up or organizational costs.