First year LLC, losses and no income. How to file?

[Carlos Alger]

Hello, I am hoping a CPA in the group can help me understand this as we are gearing up for taxes and I need some advice so I can make an informed decision. Our LLC files as a S-Corp. Normally if the business is profitable, we would take a reasonable amount for income. Since the LLC did not make any money in 2016 (year one - only expenses), how would the income portion be treated? In other words, my wife is a full time W2 and we file Married Filing Jointly for our personal taxes, but now I don't know how to file for myself who works full time in the LLC since there is $0 income from the LLC.  Thank you all so much.

[Jamie Engledow]

Is this rental properties?  If not, what is the business?  A F1120S and a F1065 partnership are both flow through entities.  For the most part the nature of the income or loss flows through as same to the partners or shareholders.  Ie, profit and loss from business to Sch E part 2, for rental, part 1, investment interest income, sch , cetain business credits, etc....