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Old 03-10-2016, 02:14 PM
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Join Date: Mar 2016
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Single Member LLC Filing Responsibilities

Hello,
I opened a Single Member LLC in the State of MD last April 2014 with the intention of doing some consulting because I was at the time unemployed. Well not long after I opened the entity I was hired by a large firm and every thing is great. But I have this LLC that never spent a penny or made one. Do I need to file with the IRS and if so what is the best way?

I thank you for your time,

Regards,

Mike



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Old 03-10-2016, 09:40 PM
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Join Date: Oct 2010
Posts: 5,233
Quote:
Originally Posted by Strategic1191 View Post
Hello,
I opened a Single Member LLC in the State of MD last April 2014 with the intention of doing some consulting because I was at the time unemployed. Well not long after I opened the entity I was hired by a large firm and every thing is great. But I have this LLC that never spent a penny or made one. Do I need to file with the IRS and if so what is the best way?

I thank you for your time,

Regards,

Mike
unless you paid estimated taxes or withheld tax no need to file return as the smllc had no exp/no income to be taxable; just for reference, you do not need to pay self employment tax as you have zero income/exp on your sch C;however, you still need to pay fica social taxes on your w2 income.f you are filing as a sole proprietor and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax(after subtractions of nonrefundable/refundable credits or withheld taxes if you have) of $1k or more when you file your return;however,You do not have to pay estimated tax for the current year if you had no tax liability for the prior year
You were a U.S. citizen or resident for the whole year
Your prior tax year covered a 12 month period



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