Does my business need to file a tax return for 2012?
Saved in: Tax NewsIf you started a business in the 2012 calendar year you probably have a lot of questions about your taxes. One of the questions we are asked is whether or not your new company needs to file a tax return for the year if they did not make any revenue. The answer is – YES. You still need to file a return for your company whether or not you turned a profit or received any money at all.
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It is called a ‘zero income tax return’ and it is a requirement for your new business to file one if you want to remain on the good side of the IRS. If you do not file for the year you may be liable for back taxes that with penalties can lead to costs in the thousands of dollars. Have you filed your return yet?
If not, we can help! Hazzouri Accounting and Tax Services has years of experience working with small businesses and we can prepare your zero income return for your new company. We can also advise you on what the proper course of action should be if you did not file and are facing fines from the IRS.
Do not leave yourself on the hook for thousands of dollars in penalties from the IRS. Call Hazzouri Accounting today and we can set up a meeting to sit down with you and discuss your options.
