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I incorporated a business in Illinois in 2017. However, the…

Customer Question
I incorporated a business...

I incorporated a business in Illinois in 2017. However, the business never got launched or earned any revenue in 2017. All I have for 2017 is startup costs which are 5,000.00 . What tax returns must be filed for 2017 for my business.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't think so

Submitted: 1 month ago.Category: Tax
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1/5/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,203
Experience: Taxes, Immigration, Labor Relations
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We need to be sure - what do you mean under "incorporated " ?...
If you registered LLC - you will NOT need to report anything on your tax return - you will be able to start deducting startup costs in the year your business actually started.

If however - you registered a corporation or elected your LLC to be classified as a corporation - the tax return is required.

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Customer reply replied 1 month ago
My business was incorporated with an S corporation election. I filed form 2553 with the IRS. However, the business has not yet started generating revenue,collecting sales tax or paying any payroll salaries to the owners. The only transactions have been owners investments for startup costs for "legal zoom" and materials and equipment
Tax Professional: Lev, Tax Advisor replied 1 month ago

Appreciate your reply.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

According to instructions - Generally, an S corporation must file Form 1120S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date is March 15...

That is regardless if the corporation had any business activities.

So you are required to file S-corporation's income tax return fro 2017.

You will be able to start deducting startup costs in the year your business actually started.

So - no deductions are allowed on 2017 tax return.

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Lev
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