My corporation only had a total income of $20,000 last year of which $16,000 was an asset. Do I need to file federal corporate income tax?
2007-12-28 07:08:42 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Of course. You had income!
I don't understand your $16K comment. Was this the sale of an asset or what?
2007-12-28 07:11:34 · answer #1 · answered by Anonymous · 4⤊ 0⤋
An asset isn't income, so I'm not sure what you mean by that being part of your income. But you probably do need to file a corporate tax return if you have a corporation - both federal and probably state also.
2007-12-28 09:04:14 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes, you will need to file a federal return. Note that most states require a corporation to file and pay their corporate minimum every year, even if a corporation is inactive.
I also am unsure of what you are trying to describe regarding the $16K asset. You might want to consult with a local accountant to make sure you don't pay unnecessary taxes.
2007-12-28 08:11:20 · answer #3 · answered by taxreff 7 · 0⤊ 0⤋