Do You Still Have to File a Business Tax Return if You Made No Income?

You started and set up a business last year but unfortunately it did not make any money. Do you have to file a return? In some cases, yet. In other cases, no. So let's talk about it in this video!

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*Disclaimer this information should be used for educational purposes. You should always consult your own CPA and financial advisors for what works best in your specific situation.

[rowyeah]

I've been looking for these answers for the past 30 minutes in youtube videos and here all my questions are answered in a single video, thank you so much Bree, much appreciated.

[Natural_Encounters]

Thank you! Exactly what I was looking for!

[charlined]

👏👏👏 thank you for answering questions to my situation

[pinkbuttercup]

I started a business but never even started

[timothygardner]

Wow you are amazing this is EXACTLY my situation! A million thank you’s!!!

[daniquejames]

So precise & on point. Thank you ma’am

[dneisb.]

Thank you Bree, straight answers and straight to the point, my go to from now on, much appreciated!

[TRIZCRUTV]

Thank you very much finally someone who explain way more better

[avatarking]

Thank you for answering the qustion. love the video.

[richbarrett]

Thank you! Way to be concise and helpful.

[GermanShepherdDaphne]

GREAT VIDEO! Answered my question within a few minutes

[TheJohnnyLion]

🦁Great video! The information was concise and valuable. Keep up the awesome work! Thanks!

[WaltBarret]

I am happy that I found your video. I got an LLC single member. Made no money last year but spent lots of money. I know it is a little too late to file. I am in California. Thanks for this video.

[epycedits]

LLc here that made no profit, had only expenses and was on a W2 .
Can i use TurboTax to file taxes and offset my W2 with my business expenses?

[zenavllc]

To the point and quite informative. Thank You. So just to confirm, what I understand is that if opened an LLC let's say in December 2023, and it is not functional yet, I do not have to file my taxes as yet. Especially, if I signed for form 944?

[iam_KTN]

Thank you. If you can review by countries or jurisdictions, it will be helpful. Consulting agencies for these small informations and they take thousands of dollars is not right.

[haroonahmed]

Very nice. Are you located in Southern California?

[daisy.energetics]

Did not know all of this until recently. I was told last year that I didn't need to file but was not told about the benefits of still filing as negative net income. Had well over $10k invested and made not a single dollar back. I cut my losses on that all. Still negative this year yet as I've done a lot of investing. Do.I still just let go of the losses from 2021 and start fresh with the 2022 stuff? I ended up donating everything from the previous years investment as nothing was selling.

[ssmoothe]

Does start up cost count as an expense?

[toddgallagher]

I'm a sole proprietor business owner, self employed no employees, with standard deduction my taxable income is below zero. Do I need to file? Did not pay in any taxes in 2022.