Do you still have to pay taxes on a small business that made no profit?

Posted on September 9, 2011 by

Question by hotdish82: Do you still have to pay taxes on a small business that made no profit?
If you purchase a tax id number for a small business but the small business never gets started and makes no profit, do you still have to pay taxes on the small business?

Best answer:

Answer by taxtools
If there’s no income, then no.

TaxRef

http://www.pdftax.com/

What do you think? Answer below!

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3 Responses to Do you still have to pay taxes on a small business that made no profit?

  1. kemperk says:
    September 9, 2011 at 3:47 pm

    one does not purchase a tax ID number. It is a municipal entity.

    there are no profits to pay taxes on, so NO. no taxes!!!

  2. Jss says:
    September 9, 2011 at 4:40 pm

    If it is a sole proprietor business then no.
    If it is an LLC or partnership, then you must file tax return and pay minimum frachise tax.
    Read http://taxipay.blogspot.com/2008/04/list-of-articles.html

  3. acmeraven says:
    September 9, 2011 at 5:05 pm

    No income, no tax. If the business was operated and generated a loss then said loss can be applied against other income which would affect the size of your refund or tax due.