Basically I started this online web business in late 2006 and have no profits to show whatsoever. I conducted no business in Delaware. I understand that I will be taxed on my personal taxes (pass-through) since I am the sole owner and will pay taxes in my own state and federal as well, but do I need to even submit a tax form for a Delaware corporation to Delaware if there is no profit? Or do I do nothing?
2007-03-24 10:18:27 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You would file a Federal 1120S and a state corp tax return for the state that has sales (I'm assuming your home state). Even if you had no activity, you should still file tax returns every year until you are no longer in business. You wouldn't need to file a tax return in Delaware just because you are registered there.
2007-03-24 12:24:44 · answer #1 · answered by tma 6 · 0⤊ 0⤋
If you filed or are going to file a Federal 1120S then file the state return also.
(I'd say file the forms. You didn't get a S Corp in a few weeks time. )
2007-03-24 11:21:36 · answer #2 · answered by Jo Blo 6 · 0⤊ 0⤋