How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask geedubya55 Your Own Question
geedubya55, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 358
Experience:  17 years experience in business and individual taxation specializing in small business and farming
Type Your Tax Question Here...
geedubya55 is online now
A new question is answered every 9 seconds

if we had a business and there was a loss, do we still have

Resolved Question:

if we had a business and there was a loss, do we still have to file a return for that year?

Submitted: 4 years ago.
Category: Tax
Expert:  geedubya55 replied 4 years ago.

Thank you for using Just Answer.


Most likely you would still need to file a tax return. The filing requirement is based on gross income, not net income. So if your business is a sole proprietorship, you must file a tax return if your income from all sources (including the gross income from your business) exceeds the filing requirement. If your business files as a partnership or a corporation, then it must file a return regardless of the amount of income.


In addition, you may want to file a tax return even if not required to do so. A net operating loss from a business can be used to offset income from other sources, and if it can not be utilized in the current year, the loss can be carried back 2 years or forward for up to 20 years to offset income in another tax year. Filing the loss year return would establish that net operating loss and create a tax benefit for you.

geedubya55 and other Tax Specialists are ready to help you