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View Full Version : s corp - when to file



dsgilbert
05-28-2006, 02:48 PM
S Corp was formed in 7/05, equipoment was purchased but has not started operations yet. Is it necessary to file 2005 1120s if business has not startedd to operate?

kristinecfp
06-05-2006, 12:02 PM
Yes, you should still file a tax return, just report zeros if no income or expenses were incurred.

You mentioned that you already purchased equipment, so you should have some depreciation to expense. Also, what about other startup costs? You can write off up to $5000 of startup costs in the first year, even if you had no income.

To research further, you might check out the IRS website or do an internet search for deductible start up costs.

Best,
Kristine