Legal Question in Tax Law in Virginia

Do I have to pay self employment taxes on my LLC with no revenue for 2005?

I work fulltime and i am trying to start a llc business on the side. I have the llc and tax id set up from last year. i only have expenses from last year because i havent started conducting business yet. But i have all taxes taken out from my fulltime employer. Will I have to pay self employment taxes for LLC or will there be non for this year? Please Advise.


Asked on 1/17/06, 8:12 pm

1 Answer from Attorneys
Burton Haynes Burton J. Haynes, P.C.

Re: Do I have to pay self employment taxes on my LLC with no revenue for 2005?

Given that your LLC had no revenue in 2005, you would have had no "self-employment earnings," and therefore no self-employment tax, or income tax for that matter, would be due.

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Answered on 1/18/06, 8:24 am


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