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Atiranjeet
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Posted on 02-26-17 3:41
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Hi folks, I registered a single member LLC company last year but I had zero income and zero expense from the company. Do I need to file tax for the company. Any idea ?
Last edited: 26-Feb-17 03:43 PM
Last edited: 26-Feb-17 03:52 PM
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nayapidi
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Posted on 02-27-17 12:56
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Yes you do. At least with state.
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Atiranjeet
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Posted on 02-27-17 1:00
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Nayapidi- any idea how to do with turbotax.com ?
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nayapidi
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Posted on 02-27-17 1:05
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I have never used turbo tax for LLC filing. But for state filing you can download forms from state Revenue and simply fill it out and mail them. Different states have different requirements. Try to contact your tax accountant. Don't be cheap.
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magorkhe1
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Posted on 02-28-17 11:35
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According to this article: you can file as self employed.
Taxes and Other Expenses Keeping up a single-member LLC is even easier and cheaper than maintaining a multiple-member one. Like a traditional LLC, a single-member LLC can elect to be taxed as a corporation. If you don’t make this election, however, your single-member LLC is treated as a “disregarded entity.” In other words, you won’t be required to file a separate tax return for your LLC. Instead, you can continue to report your self-employment income on Schedule C and save on tax preparation fees. You also won’t encounter any minimum tax fees for operating a single-member LLC. If you’re in a state with a high minimum tax fee for traditional LLCs — California’s minimum tax is a whopping $800 a year, for example — you can potentially save hundreds of dollars.
http://quickbooks.intuit.com/r/structuring/the-single-member-llc-an-ideal-choice-for-solopreneurs/ Last edited: 28-Feb-17 11:35 PM
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nayapidi
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Posted on 03-01-17 3:20
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magorkhe why do you talk man - here's for California https://www.ftb.ca.gov/businesses/structures/llc-filing-requirements.shtml An LLC treated as a partnership or as a disregarded entity that is doing business in this state under Revenue & Taxation Code (R&TC) Section 23101 or files an article of organization or certificate of registration with the Secretary of State must file California Form 568, Limited Liability Company Return of Income, pay the annual tax of $800, and LLC fee if applicable. An LLC that is treated as a disregarded entity includes its income and expenses in its owner’s tax return. However, the LLC still needs to file a partial California Form 568 and pay the annual tax and LLC fee if applicable. See California Form 568 Booklet instructions for more information.
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