If my business isn't starting until next year, do I still need to file tax forms for this year?
I just formed an S corporation in November, but will not start the business until next year.
Unfortunately, yes. Even if it's just a partial tax year, you are responsible for filing tax forms for each year that your business is in existence -- regardless of whether it is generating revenue. Rather than form an entity so close to the end of the year, entrepreneurs might want to wait until January, and start the tax year afresh, unless they have a compelling reason to do otherwise . . . which they should discuss with their attorney and accountant.
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