Question by Calichick: Do I need to file for taxes when I am no longer doing my small business?
I was going to start a small business and it never happened because of different issues. I keep getting notes to file for taxes for the business, The business obviously has not made any money but I have a business license and a sellers permit. Do I still need to file for taxes? How do I stop the tax reminders? (efile from board of equalization) Thanks!
Answer by David S
YES. You need to file final returns. The fact that you didn’t might mean that you owe a penalty for not filing…even though the company didn’t make any money. TN, for example, has a tax with a $ 100 minimum. So, if the business didn’t do anything but you failed to close it…you would owe $ 100 + penalty + interest.
What do you think? Answer below!