I started a business in Jan 2005 and in July 2005 the business was destroyed in a fire. I did not re-start the business as I had lost quite a bit of money to begin with. I had my financial records on software that were also destroyed. I need to file taxes for last year and don't know what to do. Please help?
2006-09-13 15:41:13 · 4 answers · asked by Sean S 1 in Business & Finance ➔ Taxes ➔ United States
I should have added more detail - my apologies. I operated an eBay consignment store in which people dropped off their items for me to sell them on eBay for a percentage of the final selling price. I did not have any suppliers or vendors that I dealt with. My sales and customer data is destroyed and eBay told me they only keep records for 90 days after the sale whih has expired.
2006-09-13 15:53:04 · update #1
Wow. Bummer! Looks like you are piss outta luck. Actually, why haven't you asked a CPA? Are they banned in your country?
2006-09-13 18:30:30 · answer #1 · answered by ravin_lunatic 6 · 0⤊ 0⤋
You can get copies of your previous years tax returns from the IRS.
You can request all of your suppliers to send you new 1099's, or request from the IRS all of the 1099's that are on file for your company because of the loss of records.
The IRS can also re-send you the 1099's that you sent to customers (if you sent them). If not, you can request that the customers provide you with what they submitted to the IRS and use their records as well.
This should make you mostly whole to submit your taxes. Of course, you'll have the huge business loss from the fire, the insurance company will have the payoffs which will also need to be included.
2006-09-13 22:46:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
OK..you need to reconstruct your records the best you can. Start by contacting the IRS for your income records based on form 1099
They can clue you in on other withholdings filed against the company also.That should get you a good enough start to be able to get more info if it is needed. Good Luck!
2006-09-13 23:02:14 · answer #3 · answered by KorvetteKaren 4 · 0⤊ 0⤋
estimate, and estimate high, its better to pay too much taxes than not enough. oh, and don't forget to add a copy of the fire marshalls report with your taxes so they know why you are estimating.
2006-09-13 22:49:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋