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    flamers's Avatar
    flamers Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 23, 2013, 11:40 AM
    Small business taxes
    I have a small business and I have not filed a tax return for the past 3 years because the business operated at a loss. Do I have to file anyway? Does it matter if the business is a sole proprietorship or a corporation? I have not been contacted by the IRS regarding no tax returns (so far)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 23, 2013, 11:58 AM
    File, even if there is no immediate benefit, because you may be able to carry forward your losses to offset future profits and thus reduce taxes.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #3

    Aug 23, 2013, 03:04 PM
    Technically you were supposed to file anyway... not saying very many small struggling new businesses do. Keep those records!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Aug 24, 2013, 04:55 AM
    What is the nature of this business? Is it a side business you run out of your home as a sole proprietorship? Or do you have an office or store? It does not matter whether it is a corp or sole proprietorship as to whether you file or not, you should file anyway. But if it is a side business you could be taking your losses against other income.
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