Question

I started an LLC last year, but I am not operating under the business yet, so I have no expenses or income. Do I need to include this in my taxes?

Forum|Forum|2 years ago
March 22, 2024
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TurboTax Online

If your business had no income or expenses, you do not need to include it in your tax return. You will start reporting your business once it is operational, which is when you start having revenue and you start providing services or goods to your customers.

A lot of the time businesses will have expenses prior to being operational, keep record of those expenses. You will be able to deduct them once your business opens. See the TurboTax help article about start-up costs.