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Old 03-08-2018, 11:52 PM
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S corp. no income,just start up expenses.

My friend started a business 8 months ago. He hasn?t filed personal taxes in years. Is this ok?



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Old 03-09-2018, 01:43 AM
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your friend needs to to file Form 1120S even if he had no income or expenses. The S -corp Form 1120S is due March 15, 2018. Under the tax code, every U.S. corp that's in business to make a profit must file a tax return regardless of whether it made any money. The business of S corp is responsible for reporting all financial activity on Form 1120S and attaching a Sch K-1 of 1120S for each owner/employee; Not everyone is required to file an income tax return each year. Generally, if his total income for the year doesn't exceed the standard deduction plus one exemption and he isn't a dependent to another taxpayer, then he doesn't need to file a 1040.However, he needs to file a return if he owe taxes because of your retirement account, either from distributions or excess contributions; he qualifies Earned Income Credit; If he paid to take care of a child (under the age of 13 and in his custody) or a spouse or adult dependent who is incapable of self-care;he is eligible to claim a tax credit for a portion of the money they contributed to a qualifying retirement account.



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