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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?

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

Posted

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

Ron Cappuccio
www.taxesq.com

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Asker

Posted

even though it was a sole proprietorship?

Ronald J Cappuccio

Ronald J Cappuccio

Posted

Yes. You file a Schedule C with your 1040.

Posted

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 set of unique circumstances that cannot be adequately addressed without consultation. You are strongly advised to hire an attorney licensed to practice law in your state to represent you.

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Asker

Posted

It is a sole proprietorship, did have income in 2011 and filed taxes for that in 2012, but in 2012 all my income was through my employer so i just have w2.

Scott J. Wittlin

Scott J. Wittlin

Posted

If you have no 1099 income than just file your normal 1040 with your employers W-2 information.

Posted

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.

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