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Updated about 2 years ago on . Most recent reply

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Alex Ngu
3
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2
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Do I need to file taxes on 5 month old LLC?

Alex Ngu
Posted

As the title mentioned, I created an LLC in August 2022 to be ready to purchase properties when it comes up. I haven't acquired a property yet, so there's no money coming in. (I created an LLC in MA and OH as I was told to get an LLC in the state of where I intend to invest).

My question is, do I need to file taxes if I don't have any properties/income coming in? I know that I have to file for my W2. Also, might be a silly question but would I even owe anything (hidden costs to run a business?). This is all new to me I appreciate any guidance/insight.

Last Question.. If I was to purchase items to deduct as a business expense (Flights, Work Gear, etc..) when would be the deadline for when I report it?  So, if I went out and purchased it today, do I file that in NEXT YEAR'S tax? 

THANK YOU ALL!!

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