View Full Version : first year no pay
littlelamblx
03-23-2010, 10:19 PM
Hi,
I'm just wondering what to do for employee tax in the first year of starting a business where you don't actually take any wages out?
phanio
03-25-2010, 11:57 AM
It really depends on your business formation. If you are a sole proprietor or pass through entity like a LLC or partnership - if does nto matter if you took money out or not. Would suggest that you start with the IRS's website - Self-Employed Individuals Tax Center (http://www.irs.gov/businesses/small/article/0,,id=115045,00.html) and then make an appointment with a CPA and pay for an hour or so. Much better to spend a little now than really have to pay later.
Are you even an employee, as phanio suggested?
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