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Do I need to file corporate taxes?

My corporation only had a total income of $20,000 last year of which $16,000 was an asset. Do I need to file federal corporate income tax?

Of course. You had income!

I don't understand your $16K comment. Was this the sale of an asset or what?

Yes, you will need to file a federal return. Note that most states require a corporation to file and pay their corporate minimum every year, even if a corporation is inactive.

I also am unsure of what you are trying to describe regarding the $16K asset. You might want to consult with a local accountant to make sure you don't pay unnecessary taxes.

An asset isn't income, so I'm not sure what you mean by that being part of your income. But you probably do need to file a corporate tax return if you have a corporation - both federal and probably state also.

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