Tax question?

Question

I am started a online funny shirt business (www.originaletees.com) last year and didn't make any money, actually I lost money. Also, I work full time and know that the government owes me money. I collected unemployment for like 2 weeks during the summertime while I wasn't working but they took money out for taxes. Do I need to file an extension or can I just do my taxes later? Please answer this question only if you are a tax professional or know what you are talking about. Thank you.

Answer 1

What part of an April 17th filing deadline do you not understand??

You need to work out your tax position before then. If you have a refund coming you can file for an exetension without any payment or penalties. If you owe, the exetension is only an extension of the time to file, not the time to pay, so you'll need to include a check with your extension.

Lots of folks "know" that they are due a refund and file late only to find out that they didn't know what they thought they knew and now have penalties and interest to pay on top of it.

Just because you didn't turn a profit in your cash flow with your new business doesn't mean you have a loss for tax purposes. Start up costs are capitalized and then amortized over a 15 year term. You can claim up to $5k in the first year but everything else get's amortized and this can lead to a cash-flow "loss" but taxable income at the end of the year.

Answer 2

You're fine, relax. As long as you are getting a refund you do not have to file before the 17th. If however you would like that burden lifted you can either file an extension, or call a Jackson Hewitt office and make an appt. The deadline is for paying your taxes....if they already have your money than your liability is paid and you are fine. The statute of limitations for getting a refund is 3 years from the due date of the return....so you're cool.

Answer 3

why are you even filing an extension? If its medical or you are out of the country fine. Wishy washy will not cut it. How do you know they owe YOU money? Your employer may not have taken out enough taxes thus you owe them money. You got 8 days left save your self the aggravation and file.

Answer 4

You should file an extension and do a quick calculation to see if you owe any money...If you do you need to pay most of it up front or else you'll be hit with interest and penalties.

Answer 5

you have two years to do your taxes, however i suggest you file an extention and do it know, who knows what can happen in two years. As for losing money, you have my sympathy, but you if you didn't make any income on the business and pay tt&l taxes, you probably won't get anything back, at least not on the businesses end. You can usually go to the irs office near you and pick up the booklet for business taxes as they typically are very complicated.Good luck...

Answer 6

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Answer 7

You can't "just do them later". If you will not file in time, you must request an extension, by filing for one.