Posted by Chad (MD) on April 09, 2007 at 11:26:37:
I’m not an LLC expert, but ordinarily your LLC is a pass-through entity (assuming it’s a single-member LLC), so if you have any income or expenses to report you would do so on the appropriate schedule and include it with your personal tax return. In other words, the LLC doesn’t exist for tax purposes.
In your case you don’t have any income to report but you should make sure you’re taking all eligible deductions.
Question on LLC and tax filing? - Posted by SteveA (FL)
Posted by SteveA (FL) on April 09, 2007 at 10:25:44:
I formed an LLC in 2005 but didn’t get a tax id number until 2006. The ONLY thing I’ve done under the name of the LLC is open and use a checking account. Never did any property with it.
Do I need to file anything for 2006?
Another Answer - Posted by Jimmy
Posted by Jimmy on April 09, 2007 at 17:11:37:
whether you have a filing requirement depends on a couple things:
if, when you applied for a TIN, you checked the box indicating that this will be a “disregarded entity,” then you will report the activity of the LLC on Form 1040, Schedule E.
if you checked the box indicating that you want the LLC to be taxes as a partnership, you may well have a reporting requirement on a Form 1065. but even if you did this, if your gross receipts were below the radar screen (that used to be $600. not sure now), there would be no reporting requirement.
and if you checked the box indicating that you want to be taxed as a C corp…get help.
Re: Question on LLC and tax filing? - Posted by Jersey joe
Posted by Jersey joe on April 09, 2007 at 15:57:15:
If it is a single member LLC you dont need to file return for the LLC - simply fill out a Schedule C which lists the LLC revenue and expenses. If more than one member, you need to fill out a partnership return - Form 1065.