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Business income taxes

So several years have gone by, and you have neglected to file your business's income taxes. You can't just keep ignoring it. You can't keep moving. You can't keep changing the name of the business. What are you going to do?

File them!

I can hear the resounding chorus of “buts”:

“But I don't have the records.”
“But its been ten years.”
“But what if I owe a bunch of money?”

I've heard it all before, but how long do you think that you can get away with it? It’s much better to be proactive than reactive. Get your stuff together, and bring it in. Don't be afraid of this. No matter what happens, knowing is much better than not knowing.

My favorite response is, “But I haven't made any money. I shouldn't have to file.”

Untrue. If you were simply an individual without a business, and no tax was either collected or due, then you would not have to file an income tax return. Businesses, however, must always file. If you didn't make any money, then you won't owe anything.

This problem isn't going to go away. Even death won't make this go away. There is no statute of limitations on un-filed income tax returns. If you die owing income tax, the service will take it out of your estate.

Get your stuff together and bring it in.

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