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legaleagle
legaleagle, Attorney
Category: Tax
Satisfied Customers: 13441
Experience:  Completed Fed Income Tax in law school, 10 years preparing personally tax returns
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In the State of WA, do you have to file taxes in a year when

Resolved Question:

In the State of WA, do you have to file taxes in a year when you only suffered a business loss and made no profit?
Submitted: 2 years ago.
Category: Tax
Expert:  legaleagle replied 2 years ago.
Yes you do. Washington's B&O tax is calculated on the gross income from activities. This means there are no deductions from the B&O tax for labor, materials, taxes, or other costs of doing business. So you do have to report the gross income even if you had other losses that would make your net income negative.
legaleagle, Attorney
Category: Tax
Satisfied Customers: 13441
Experience: Completed Fed Income Tax in law school, 10 years preparing personally tax returns
legaleagle and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
Does this mean that if I did not file for some years when I only suffered losses that I have to back file for all of those years? And will I owe any taxes or penalties, when I only suffered losses and made no net income?
Expert:  legaleagle replied 2 years ago.
Yes you should get the B&O taxes filed for the years you did not file. If you owe taxes from those years you can be charged penalties and interest. You get to claim the losses on your federal returns to make up for the cost of the B&O taxes.
legaleagle, Attorney
Category: Tax
Satisfied Customers: 13441
Experience: Completed Fed Income Tax in law school, 10 years preparing personally tax returns
legaleagle and other Tax Specialists are ready to help you

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