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In short, I have grossly neglected the filing of my taxes…

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In short, I have grossly...
In short, I have grossly neglected the filing of my taxes for a number of years. The reasons are not really important, but in short I moved states, had a computer stolen (with all my receipts scanned), and the virtual copy had many corrupted sheets that were missed prior to sending to my accountant.I have bought and sold a number of houses, all as business ventures, but they were bought as personal property and transferred. I took significant losses on personal loans and seed funding, switched jobs, lost receipts, mileage trackers, you name it.I have to get this weight off my shoulders and handled and I am curious what penalties I might be facing, if any, and how I can best limit my liability.Lastly, I have registered a pre revenue business in Georgia and am considering a California office additionally (both leased live/work apartments). How can I maximize advantages between the two locations and limit liability?
Submitted: 8 months ago.Category: Tax
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Answered in 1 hour by:
9/23/2017
Tax Professional: Barbara, Enrolled Agent replied 8 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,996
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You are correct. The reasons for neglecting to file your federal and state tax returns for a number of years is not the issue. The issue is to file these federal and state returns as soon as possible in order to become tax compliant.

There is no way to determine what penalties you will incur, if any. There is NO penalty for late filing if you are due a refund and have no tax liability.

My best advice would be to contact a local CPA/Enrolled Agent to assist you. A recommendation by a family member, friend, or business associate would be best. Just Answer cannot recommend specific individuals or companies.

As to your new business, please know that CA is very greedy when it comes to taxes. You will have to file a CA state return if you have a presence in CA and any revenue generated in CA will be subject to taxation.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 8 months ago
If i believe the CA address will prove valuable for 'perception' but do not plan on contracting for revenue with companies out of CA, can I deduct the office space and travel expenses from my net income. It is more of a home office/shared working space with a fellow entrepreneur.
Tax Professional: Barbara, Enrolled Agent replied 8 months ago

You do not deduct any expenses from NET income. Expenses are deducted from GROSS income to arrive at NET income.

Any legitimate business expenses are deductible.

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Tax Professional: Barbara, Enrolled Agent replied 8 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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Barbara
Barbara
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