If my corporation has no income and has some expenses, do I need to file a tax return?
Posted on March 8, 2009 by admin
Kiran C asked:
I have a small business that I started in 2007. There will be no income until April 2008. The tax year will be calendar and the accounting system is cash. I have expenses for 2007. Am I required to file a federal tax return? Can I carry over the expenses to the 2008 returns? What are the benefits of carrying the expenses to 2008?
I have a small business that I started in 2007. There will be no income until April 2008. The tax year will be calendar and the accounting system is cash. I have expenses for 2007. Am I required to file a federal tax return? Can I carry over the expenses to the 2008 returns? What are the benefits of carrying the expenses to 2008?
You’re not required to file, but reporting the expenses alone will help you to get some deductions for this year.
youd probably get a credit if your expenses were higher than ur income…
Yes..you’d file it with a Profit & Loss form.
You still have to file a tax return
You don’t have to but you should..you are owed a return
i dont think so because a person doesnt pay taxes unless they make like 3000 in a year and i can only assume that the only dif is the starting income