You lose interest and put a “brief” hiatus on it. Unfortunately, your marketing efforts fall flat, so it doesn’t do very well. ![]() Your brick-and-mortar business is going great, so you decide to open a new, separate online business. Situation #2: The entrepreneur who starts multiple companies … then pauses one. Some business owners put in the work to form and structure a business a year or more before operations begin.ĭoes this sound like you? If you formed your business and filed the paperwork with the state (e.g., limited liability company) but wait to officially start, you may not have income during the year. Situation #1: The go-getter that forms a business but waits to start operating. Here are four common situations that could result in no income: There are a number of reasons why a business might not incur income during a fiscal year. Not all businesses without income during a year are on their way to closing up shop. ![]() Reasons why you might not have income in a fiscal year ![]() To file, or not to file? That is the question we all must ask. ![]() So, how does filing taxes for small business with no income work? So, you started a business, then let it sit for a little bit, hmm? If you didn’t earn income for an entire year, you might be wondering if you have to file your tax return.
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June 2023
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