pharoh007 asked:
I work fulltime and i am trying to start a llc business on the side. I have the llc and tax id set up from last year. i only have expenses from last year because i havent started conducting business yet. But i have all taxes taken out from my fulltime employer. Well I have to pay self employment taxes for LLC or will there be non for this year? Please Advise.
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2 users responded in this post
You may not have to pay self-employment tax, but you have to file a tax return, in my humble opinion. If you made no money, though, you won’t have tax liability. You might well have tax losses.
Of course, I’m neither an attorney nor an accountant.
You still have to file estimated quarterly returns even if you lost money.
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