2007-02-19 08:14:01 · 6 answers · asked by trump2b 1 in Business & Finance ➔ Corporations
Actually you can still show a loss, or that your corporation didn't make any positive income, but either way you'll still need to file your quarterly return showing what's going on. Of course it depends on the type of corporation, some are only required to file once a year. It doesn't matter whether you owe taxes or not, but that you FILE YOUR RETURN. that's where a lot of corporations get in trouble.
2007-02-19 08:32:01 · answer #1 · answered by jeepguy_usa 3 · 0⤊ 0⤋
The larger question is are charging personal expenses to the corporation (creating a loss). You can get away with a loss for 1 or two years, before the IRS considers your corporation a hobby, and will disallow charging off expenses such as car, cell phone, rent, office supplies.....etc.
2007-02-19 16:25:29 · answer #2 · answered by mark 7 · 0⤊ 0⤋
You have to do the paper work. You have tax forms that have to be filled in, it will result in you not having a tax liability.
Everyone has to file a tax return, if they make any money or not. They only have to pay if there is a certain level reached.
2007-02-19 16:31:51 · answer #3 · answered by whatevit 5 · 0⤊ 0⤋
No profit, no tax. You might even have a write off on your personal taxes.
2007-02-19 16:44:10 · answer #4 · answered by WJVV 4 · 0⤊ 0⤋
as far as i know no i believe their is a 1or 2 year grace period
2007-02-19 16:18:42 · answer #5 · answered by thelement_99 2 · 0⤊ 0⤋
No.
2007-02-19 20:15:50 · answer #6 · answered by Anonymous · 0⤊ 1⤋