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Jan 16, 2021 4:09 AM UTC
Question

I filed with my Sec of State and received my ein in dec 2020 but dont have income to report for 4th quarter. is that common? do I need to file anything?

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1 reply

Adrian_A
Jan 16, 2021 8:28 AM UTC

You may or may not file a tax, sershootingstarrpro.

 

In any year that you don't have an income or if it falls below the IRS minimum, you may not file a tax return. But, this also depends on the type of income, your age, and your filing status.

 

However, it's perfectly legal to file a tax return that shows zero income. It might be a good idea.

 

You can check these articles that have detailed information about Self-Employment tax:

 

 

I'm just a post-away if there's anything that I can help. Keep safe!