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business tax

by tasweeney, Window Shopper

  • Created: August 14, 2012, 3:36 pm
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3 comments
I have a small side business....and I filed taxes for it in 2009 and 2010, but I have no activity for 2011 for the business....do I need to file?
Tags: Discuss Popular Topics, Filing and Paying Taxes
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SeattleCPA | Window Shopper | 9/24/2012 - 11:31 am

I agree with BizResearcher... if you're operating as a sole proprietorship or
an LLC taxed as a sole proprietorship and you had no business activity during
year (no income and no deductions), you shouldn't need to file a federal tax
return for the business.
Stephen L. Nelson, CPA, Author QuickBooks for Dummies
Professional Web Site: http://www.scorporationsexplained.com

BizResearcher | Window Shopper | 8/21/2012 - 1:40 pm

What is your business entity type? If you are a sole proprietor, you should
be okay not filing. If you registered as a corporation, however, and you plan
to keep the business active, then you may need to file. If you are no longer
operating the business, you may want to formally close it by filing the
appropriate forms with your state agency that registers businesses and filing
a final tax return.

kmurray | Community Moderator | 8/15/2012 - 9:13 am

Hi, It's best to get in touch with a tax attorney, just to be sure that you're compliant. You could also get in touch with a local Small Business Development Center, which is one of SBA's resource partners. They're located across the country andprovide free business counseling and answers. Visit SBA Direct to find your local SBA resource partners by entering your zip code.