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!
Best answer:
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!
Well you can show them the income statement with loss. Then they can give you relief. If there is any past due tax on then you will have to pay.