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?

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.

Albany, NY -

Attorney Answers (3)

Scott J. Wittlin

Scott J. Wittlin

Tax Lawyer - Boston, MA
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
Ronald J Cappuccio

Ronald J Cappuccio

Tax Lawyer - Cherry Hill, NJ
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
M Kay Lewis

M Kay Lewis

Tax Lawyer - Miami, FL
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.

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