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

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

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Submitted: 6 years ago.Category: Tax
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11/2/2011
Tax Professional: geedubya55, Certified Public Accountant (CPA) replied 6 years ago
geedubya55
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
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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.

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geedubya55, Certified Public Accountant (CPA)
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Experience: 17 years experience in business and individual taxation specializing in small business and farming
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