My LLC made no money
Last year my accountant said I didnt need to file (bc i made no money, n bc of some sort of tax law in NY).
Does the same apply this year? If not, is it a good idea to do my own business and personal taxes using software?
Are there any investors who have done this?
Thanks in advance!
“made no money” is ambiguous.
if this means “had revenue, but had expenses, too, so the net income was zero or less” – then you should file the return.
if this means “had no revenue and had no expenses” – then you should not file the return unless there is some other reason to file.
I have a few clients who file zero returns because of banking obligations. I always include a statement of why they’re filing, so IRS doesn’t consider it a “frivilous” return.
Thank for the reply mcwagner.
Last year I believe my accountant sent a K1 to the IRS (not sure what that meant), but he said I didnt have to file last year.
The prior year I filed; and he used every little expense I had for the business to document expenses. I had no revenue either years and the same goes for this year-No revenue and small expenses.
if you don’t have revenue, I’d say you aren’t in business.