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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!
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