|
|
| *Loan,banking and credit>>>income tax |
I am a small business owner, I did not bring in any income this year, do I still need to file taxes? |
I was told that as a sole proprietor owner I just file expenses on my own personal filing not as a business... any help from business overs out there?!? Yes, you still have to file because the only way the IRS knows that you did not have any income this year is if you file. And yes, as a sole proprietor you file a personal return, but you attach a Schedule C to reflect profit or loss from a small business. We use Quick Books for our business software and TurboTax for tax preparation. I would still file to establish the loss. Current losses can be used to offset future profits through a provision in the tax code call a "Net Operating Loss". Keep in mind that IRS wants to see profits in the near future or else your "business" could be declared a "hobby". you want earned income credit? then yes. if you took any money out of your own pocket, itemize. wirte as much off as you can. fill out the long form. |
| Tags |
| tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |