I have a small business that I do part time, but last year I didnt do any transaction/project. Do I need to file for tax return?

Asked almost 2 years ago - Albany, NY

I have a small business that I do part time, but last year I didnt do any transaction/project. Do I need to file for tax return under my busiess name? I used to do Turbo Tax Home & Business but not sure if I should just do my W2's this year.

Attorney answers (3)

  1. Scott J. Wittlin

    Contributor Level 11

    5

    Lawyers agree

    Answered . Is this small business incorporated and did it previously files a corporate return. Or was this small business reported on Schedule C of your income tax return. If the latter, than file your normal 1040 with the W-2 income. If it’s incorporated you most likely need to file the corporate return until you dissolve the entity.

    The above statements are provided as general information and not intended as legal advice. Each matter has its own... more
  2. Ronald J Cappuccio

    Pro

    Contributor Level 17

    4

    Lawyers agree

    Answered . Yes. You should file a tax return to start the Statute of Limitations.

    Ron Cappuccio
    www.taxesq.com

    If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary... more
  3. M Kay Lewis

    Contributor Level 7

    4

    Lawyers agree

    Answered . I totally agree with Scott's answer. If you filed that business on a Schedule C of F, then you have no income needing that schedule, so just file with your W-2's. But if it is an incorporated business that filed a 1120 or 1120-S previously, then you need to file even though you had no income in it.

Related Topics

Small business taxes

Small business taxes include state and federal income taxes and employment taxes, self-employment taxes, and excise taxes.

Small business income tax

Filing an income tax return is required for all businesses except partnerships, which file an information return instead.

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