Wednesday, October 21, 2009

I have an online business opened 2006 but have not earned income for this business but i also work part time?

Heres the question my online store opened 2006 but i havent earned income for my business.


I work part time at a different company so i have an income to file at IRS.


Do i have to file separate tax on my business even if i didnt earn anything? or i have to file both of business and personal income when i file for income tax?
I have an online business opened 2006 but have not earned income for this business but i also work part time?
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Reply:It depends on whether of not the business is set up as a seperate entity. If the business is set up using your SSAN for a tax ID, you may be able to claim losses on your personal income tax. See an accountant.

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