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