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Sc small business tax help?

Question: Sc small business tax help?

(Posted by: Ashley D on 2010-08-18 16:16:36)

So my husband started an online business which he has made NO money on! In fact he’s spent more money than he even would have made. So, he finally gave up with it. Well we’re in SC and apparently he was having to go online to file a return each month to state what his earnings were. Well, he failed to do it in June or July and we got a bill in the mail from the IRS for $1300!!! Will be able to get out of this? It was an honest mistake and I’m not sure how to handle all of it. We were never notified that he missed the filing and they added a penalty on there that was larger than the proposed assesment!


Answers:

Posted by: Mathew on 2010-08-18, 16:26:47

We have no way of knowing the answer to your question unless you are more specific what this report that he was making concerned. My guess is that it would have had something to do with employee taxes but getting a bill so quickly is unusual. Since I don’t like to guess I will await further details

  

Posted by: hrblockerrolquinn on 2010-08-18, 17:01:53

Dear AD: You say he had to go online……file with the state. Now you have a letter from the IRS? The two are not connected. The $1300 is for back taxes probably and if you have proof you did not make any money, you should be able to get out of paying. The online business would be reported on Sch C and your expenses could zero out all of your income. The IRS may have all income numbers (from the state reporting) but they will have no expenses. Get some help on the letter. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent.

  

Posted by: tro on 2010-08-18, 18:11:50

If he made no income from his business there would be no need to file prepayments and they are not monthly, they are quarterly I believe the bill for $1300 is related to an entirely different tax problem, nothing to do with his business or filing his prepayments–that would have resulted in paying the se tax, not merely a report

  

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