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Good afternoon, I wanted to inquire about one question. I opened

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business in 2009, and it...
Good afternoon, I wanted to inquire about one question. I opened business in 2009, and it was doing horrible.The biggest mistake i did, was that i was paying workers from my pocket busness wasnt making any profit. Thus, i was putting my personal money into the business checking account, with which i paid my workers I was changing workers very often, because there was not enough pay them. I was going to give the workers 1099, but i closed my business before managing to do so. My question is: I am finalizing my divorce, i lost the business that I opened in 2009. They suppinaded my business account in which shows that i was paying the workers. In how big trouble i may find myself in, and what i should do?
Submitted: 5 years ago.Category: Business Law
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4/4/2012
Business Lawyer: JerrySJD, Attorney replied 5 years ago
JerrySJD
JerrySJD, Attorney
Category: Business Law
Satisfied Customers: 821
Experience: Attorney for business formation, business sales, tax, partnerships, sole proprietors and buy/sell agreements.
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You are not in trouble at all. In fact, this helps you. The business account will show a loss, which should be subtracted from you other income. You can file a Schedule C for the business (if it was a sole proprietorship) and report the loss there too. You should. Then you can give them your tax return, showing a Schedule C loss. I am glad they subpoenaed your business records. Make sure sure you subtract the Schedule C loss from you other income on your divorce financial statement.

 

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JerrySJD
JerrySJD, Attorney
Category: Business Law
Satisfied Customers: 821
Experience: Attorney for business formation, business sales, tax, partnerships, sole proprietors and buy/sell agreements.
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