I formed a corporation at the end of last year. It hasn't made any money yet because I haven't lanuched my business yet. However, I did deposit money from my personal account into the business account. The corp. is privately held.
Do I have to file any paperwork to the IRS or pay any taxes?
2007-02-24 11:29:25 · 5 answers · asked by xtaticlyme 2 in Business & Finance ➔ Taxes ➔ United States
Although you did not fully start or did not earn any profit, once you have formed and registered a company, whether private or public, when the time for filing of tax return comes, it is your duty to do so.
2007-02-24 11:36:28 · answer #1 · answered by cabridog 4 · 0⤊ 0⤋
Only if you want to stay out of jail!
Of course you have to file a tax return, silly, otherwise how will the IRS know your corporation hasn't made any money yet?
Forming a corporation and then not filing sounds like an invitation to get audited!
2007-02-24 11:36:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Did your enterprise have any expenditures? If there's a internet taxable loss, the internet taxable loss may well be carried forward for 2 an prolonged time (or back 2 years) to offset internet taxable earnings. So, subsequently, you may document to take great ingredient concerning to the internet working loss (NOL) carryover (or carryback). for valuable your enterprise will could desire to document in Wisconsin (if the corp. is incoporated there). even in the journey that your corp. needs to document in different states relies upon on what's named "nexus" (presence in a state). in many circumstances, if a corp. has the two worker or sources (ie: workplace) in a state, there is sufficient "nexus" for earnings tax return submitting. additionally, revenues right into a undeniable state could create "nexus" notwithstanding that's a complicated count as there are a number of courtroom circumstances approximately this subject.
2016-10-01 22:29:54 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Yes, an annual return must be filed every year the corporation is in existence.
2007-02-24 11:45:42 · answer #4 · answered by crazydave 7 · 0⤊ 0⤋
I think you need to file the tax as your corporation is registered. Try this site will make you file your tax with some savings. bye
2007-02-24 15:57:27 · answer #5 · answered by Allan H 1 · 0⤊ 0⤋