Question

New Business owner S-corp Inc - Do I need to file taxes if I didn't do anything with it

Forum|Forum|4 years ago
March 13, 2022
1 reply
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My question is:

I opened a business October of 2021, but I did not use it, do I still need to do my taxes?

I purchased the business turbo tax, but it's saying I owe money, but how can that be if I didn't use the business? No income, no purchases of any kind, no bank account, nothing. The only thing I payed for were the filing fees and everything you need to start a business, but that was it. What do I do?

TurboTax Business Windows

AliciaP1

No, you do not need to file an 1120S for 2021. You are not required to file until your business begins earning income.

Be sure to keep track of your Start-Up and Organization Costs as you will add them together and start deducting them (regardless of the year you spent the money) once you are earning income. See Publication 535 for more information on these costs.

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