filing for business loss on federal tax return?
597738
It depends on the type of business entity:  sole proprietorship uses Sch C which simply attaches to the 1040, a partnership or s-corporation files its own tax return (1065 or 1120S) and the losses carry over to the individual return (1040) on Sch E.
1038857
Call 1-800-829-3676 and ask for publication #17. Look up Itemized deductions. You are entering into a 1040 situation, long form and will have to learn how to master Schedules A-E which allow you to deduct charitable expenses and business expense. Of course the more you make the harder it is to deduct charitible expenses. You make more money and chance to itemize gets harder as you have to spend more to surpass tax ceilings. Itemizing is not just a charitable section, you will have to do you business and casualty, and medical calculations as well. All of that will go against your standard deduction to see which deduction is greater itemized or standard. And if you are married and filing separately your spouse will have to do the same thing, so this may be more work tan it is worth and it may hurt eiter you or her. As for the business thing, it is possible to deduct the part of house used as an office if and only if you do business in person with customers out of that office and it is not against your deed restrictions to do business with customers in your house. Anything that is otherwise illegal is not tax deductible. Of course you will have to prorate your house expenses to calculate how much you can deduct, and once again it goes towards that itemized versus standardized question of which is greater. In the end you may find out that you wasted your time. Plus, the more forms you fill out the more likely you are to be audited. So, you may want to seek an expert. The IRS will answer your questions at 1-800-829-4477, if not immediately within a couple of days, especially if it is a complicated question. Good Luck, and remember the liability for your filing lies squarely on your shoulders unless you get a tax preparer to do it for you and they sign the forms accordingly. Computer tax programs may help but they are only as rliable as the information you feed into them
240836
you can file your state taxes first and then you can file your federal taxes.  i typically wait to file my federal return because i typically owe some money, so im in no hurry to give uncle silly my cash.
794778
You will add a Schedule C form to your 1040 and you will not be able to file a 1040ez, i.e. you'll have to itemize to get the business deduction, but in  your case it will probably be worth it.  And yes, officially you'll need receipts, but if you never get audited...  \n\nMaryland will (most likely) take your net income from the federal form.
96981
File your taxes.  I run a home based business (graphic design) and learned the hard way.  I made $396 in my first year (started in December of that year), and didn't see the need it was small.\n\nI got a HUGE fine from the IRS.  Luckily I got it cleared because I had an atty do the work, but I learned - no matter how small, report it.  It isn't worth the headache.
663410
Take your loss adn move on. Whatever your suing for will cost you more money in small claims court than you can get out of a company that went bankrupt. sorry
736488
Get the forms for the year in question and file the return. If you owe tax they will assess interest and penalty. If you are due a refund you need to get the return filed before three years are past at which time you will lose the refund.\nIf you don't file there is no statute of limitations running and they can come after the return at any time in the future.
449583
Losses recognized but not gains?  What accounting are you talking about?
839057
I would file a small claims suit.\n\nCoach
19330
Your only recourse is with the courts.  If the business filed bankruptcy, you must file a claim for the value of your property.  If not, then take the owners to small claims court.  Either way, you may not see your money for years while your claim is processed.\n\nGood Luck!
717936
It's 'defaultingly' better to err on the side of the IRS- get a second tax payer ID/ EIN number for the second business and treat it as such- another business.  Your accounting system and accountant/book keeper will probably agree too.
147532
Were I worked if you were taxed exemt you would tell the clerk before they totaled your product. If it was the first time in that store you would have to fill out a form, showing your form with your tax id# on it. Your purchase is then totaled without the tax.
557317
http://www.irs.gov/businesses/small/article/0,,id=110417,00.html
528073
This issue may seem easy. However, it is not. It depends upon several factors: the type of business, whether the business is a particular type of corporation, frequency of business transactions within Virginia, the duties and responsibilities of the employees, etc. I would suggest to go to an Business Tax Consultant/Accountant. You can also consult the IRS government website.
231737
Yes, you need to pay tax on it.  Just because you did not receive money -- you had income in either an S corporation or an LLC.  The income in these 2 entities is passed down to the owners of the business and is taxed at that level.
160245
Listen to your conscience. Everything has a cause and effect. Even if they dont find it assuming it is money related everyone will pay for it eventually. Businesses charge consumers for all losses. If the business sucks and you think they deserve to take  hit keep it. If it is something that you truly needed perhaps it was a gift from god.. or a test from god on your character.. alot is to be said for honesty. Have you considered telling them about it and asserting that your simply keeping it and screw them for there mistakes.. that might prove to be an interesting effect.
380530
It is possible to get a refund from the IRS even when you have not paid any or little taxes into the system.  If the income from your self-employment is very small ($400 or less)or negative, you will not owe any self-employment taxes.\n\nYou will get child tax credits in the amount of $2,000 ($1,000 per child) and perhaps some Earned Income Credit (EIC) if you have some positive income from your businesses.\n\nIf you send in your return and it is incorrect, it will take the IRS 8 months to a year to get back in touch with you.  You are wise to hold out the 30% just in case, but you might want to take your taxes to a professional to make sure they are correct.\n\nGood luck.