2007-12-18 05:57:09 · 4 answers · asked by concern 2 in Business & Finance ➔ Taxes ➔ United States
It depends on where your business is located, and how you organized the business. If you formed a corporation in Massachusetts, for example, you would owe the minimum tax of $456 even if you didn't have a profit.
Without more information, it's hard to answer this question.
But, if you just started a business as a sole proprietor, (which would go on your schedule C) then, no, you would not owe any taxes if you didn't make any money.
i hope that helps.
2007-12-18 06:18:53 · answer #1 · answered by Michael K 5 · 1⤊ 0⤋
Non-profits don't pay taxes unless the income is unrelated to the charitable purpose.
2007-12-18 15:15:58 · answer #2 · answered by porkchop 5 · 0⤊ 0⤋
You pay taxes on your earnings, so if you've earned $0, then your taxes will be $0. :)
All the best to you next year!
2007-12-18 14:51:03 · answer #3 · answered by myacumen.com 3 · 0⤊ 0⤋
Nope!
2007-12-18 14:04:59 · answer #4 · answered by ed 7 · 0⤊ 1⤋