Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I haven’t filed tax for 2017 for my new business yet because…

Customer Question
I haven’t filed tax for...
I haven’t filed tax for 2017 for my new business yet because I’ve been having personal problems. If I file it now, how will it look? Would I have a high probability of getting audit? What’s the best way to go about it?
Submitted: 6 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 1 minute by:
1/3/2018
Financial Professional: TaxRobin, Senior Advisor replied 6 months ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,219
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Finance Question
Financial Professional: TaxRobin, Senior Advisor replied 6 months ago

Tax returns for 2017 are not yet due so your filing your return or a corporate return for 2017 is not required yet. If you mean some other form of filing or reporting please let me know and tell me your entity type (sole proprietor, LLC, partnership, ...) and I will; be happy to address that.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Finance Question
Customer reply replied 6 months ago
I meant 2016 then?
Financial Professional: TaxRobin, Senior Advisor replied 6 months ago

Thanks, ***** ***** make a difference. Do you have a sole proprietor business or is an LLC or S corp?

Ask Your Own Finance Question
Customer reply replied 6 months ago
LLC
Financial Professional: TaxRobin, Senior Advisor replied 6 months ago

Thank you for continuing.

If you are the only member of this LLC then you need a Schedule C. It is not an automatic audit if you file late but as the 2016 extension was just to Oct of 2017, if you owe tax you will be penalized and owe interest on the tax due.

Your Schedule C is attached to your 1040 form and as it is late you will have to mail the forms in (no e-file).

The best way is to get the return completed as soon as you can and mail (certified so you have proof).

Ask Your Own Finance Question
Customer reply replied 6 months ago
I have a partner but he filed separately already. Do I need to put him on the tax? Would it be more beneficial to include him or not?
Financial Professional: TaxRobin, Senior Advisor replied 6 months ago

When you say partner, do you mean in the LLC or just in your life? An LLC with 2 or more members is a partnership. The filing forms are different.

Ask Your Own Finance Question
Customer reply replied 6 months ago
LLC with two partners. Me and another person
Financial Professional: TaxRobin, Senior Advisor replied 6 months ago

A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation (S corp).

If the LLC is a partnership, normal partnership tax rules will apply to the LLC and it should file a form 1065. Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partner’s Share of Income, Deductions, Credits, etc. Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.

Failure to file the 1065 Partnership Tax Return means that the IRS will charge a late filing penalty. The late filing penalty for a 1065 Partnership Tax Return is $195 dollars per partner and month (up to 12 months).

For calendar year partnerships, the due date for filing the annual return or request for an extension changed from April 15 to March 15.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,219
18,219 Satisfied Customers
Experience: 15 years of experience in financial advising with emphasis on tax issues.

TaxRobin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I have opend a business to do online sales about 2 yaers
HI i have opend a business to do online sales about 2 yaers ago … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I would like to ask a question... I don't have a social
I don't have a social security number yet, but I've been doing some Airbnb hosting during 2017. Since I'm not a citizen yet, Airbnb has been withholding 30%of my earnings. My total earnings during 2017 where 12, 112 $ … read more
Carter McBride
Carter McBride
LLM
1,191 satisfied customers
My business had a down year in 2017. As a result, my W2
My business had a down year in 2017. As a result, my W2 income is substantially lower than it was in 2016. I need to prove that my income was similar to 2016. Is there a way to increase your taxable o… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Not really a tax question. It concerns reporting A/R on a
Hi. Not really a tax question. It concerns reporting A/R on a balance sheet. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I need to speak with an accountant who is able to answer
I need to speak with an accountant who is able to answer questions about S-corps. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My daughter and I have gotten our health insurance through
My daughter and I have gotten our health insurance through the Affordable Care Act for several years. As a single mom with my own business we qualified for a subsidy. I got married on December 22, 201… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a tax ID for a business which I have not used in
Hi Pearl. I have a tax ID for a business which I have not used in several years. Since then I've been audited by the IRS which I plan on getting help with. Going forward, should I used that old tax ID… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I have some gambling winnings when i file my taxes is it
i have some gambling winnings when i file my taxes is it mandatory to file losses also. If i dont file my losses will i get audit? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am contemplating taking my IRA out of stocks and put into
I am contemplating taking my IRA out of stocks and put into reserve until I see what 2017 will bring. I lost half my portfolio in 99/2000 and am not feeling too great about what I'm reading regarding … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I want to open up a restaurant that's already operating. I
I want to open up a restaurant that's already operating. I want to go for a $25,000 dollar personal loan to put towards a down payment for the already operating restaurant that will roughly be $300,00… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
PDTAX ONLY PLEASE!! I posted a question earlier today and
CustomerONLY PLEASE!! I posted a question earlier today and had some issues accessing your reply. I will post the same initial post below, please feel free to use the same reply I had earlier and we c… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am the sole owner/employee of an LLC I started last year
I am the sole owner/employee of an LLC I started last year (TV Production Company) but, due to family illness, everything got put on hold. So I had lots of expenses, now almost broke and no business i… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
Company accountant quit in August Company haivng financial
Company accountant quit in August Company haivng financial problems Single owner - trouble listening to others I am the HR Advisor, he has asked to to find help.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Where can I get a relatively high interest but nonpayday loan
Where can I get a relatively high interest but nonpayday loan for 5 or 6 K$ or so, pulling my credit I suppose. I have 630(Fico)-688(Experian) . My DTI ratio is high, about 50 percent including mortga… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I am being audited for my personal and new business. I was
I am being audited for my personal and new business. I was audited for a prior corporation/business in 2008 and a federal lien was placed against the business, although the business was closed prior t… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
With potential interest rate changes, the value of my portfolio
With potential interest rate changes, the value of my portfolio has declined drastically. I was mostly invested in long term insured municipal debt. For a number of years the interest I was getting fr… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
"Steve G" This question is for Steve G Hi Again, since am new
"Steve G" This question is for Steve G Hi Again, since am new to the US and you advised me that a FedEX route is got better profit and less risk than gas station and c-store. what about Packaging& Shi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I purchased a used 2003 car in 2007 at a very high interest
I purchased a used 2003 car in 2007 at a very high interest rate in a despirate state of mind. Now the car needs alot of work and has been suggested that I get rid of it. I have applied for loans but … read more
Eric
Eric
Financial Manager
Bachelor's Degree
559 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x