Ask Experts Questions for FREE Help !
Ask
    MeaningOfLife's Avatar
    MeaningOfLife Posts: 16, Reputation: 3
    New Member
     
    #1

    Oct 16, 2011, 09:08 AM
    Expenses from previous years and expenses to come - How to handle?
    I am a novice return preparer and am helping a family member file his Schedule C on a business that had a lot of expenses he was unable to pay. He also had other income and would like to submit as big a loss as possible with this biz. He actually did not have to file taxes for 2009 - although the biz existed then and wracked up some payroll taxes he was unable to pay. He also has payroll taxes for his biz in 2010. Is there a way to include liability that will be paid in the future on these taxes? Or does he have to include them in 2011 and on? Also, any ideas on any losses incurred from the previous year? Thanks for taking the time to help - you're a God-send!

Check out some similar questions!

College expenses past 4 years? [ 2 Answers ]

Does anyone know if the non custodial parent have to pay college expenses past 4 years?

Funeral Expenses from 8 years ago to be repaid. Interest? [ 4 Answers ]

We paid funeral expenses on my husband's uncle in April of 2003. Just was informed by an attorney's office that the estate had $17,000 in it. Our funeral bill was $7272. Should the law firm reimburse us the amount with interest or just the amount?

Moving Expenses for Previous Year [ 1 Answers ]

Hello, I'm from India working in US on H1 B visa. My wife moved from India to US as dependent in 2005. I recently found that I could have deducted my wife's travel expenses under moving during my federal tax filing. I'd like to know if there is any chance to file an...

Can rental car expenses be reimbursed after 4 years? [ 2 Answers ]

In 2003, my husband was driving home with our children when he was involved in an accident. Our car was hit in the side by a driver that went through a stop sign while attempting to cross the 2 lane street. My husband had no controls on his street (no stop sign, no light). We only had one car at...

Expenses on H1 B [ 3 Answers ]

I am working on W2 for a consulting company. My client is willing to pay for my expenses at client place directly to me. Can I accept checks from client directly. They are paying from expense account. Is it OK to accept checks from them while you work for another company on W2 and you...


View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.