Tuesday, March 16, 2010

Is that it? I hope so…

While I officially closed the business in March 2009, I waited until the standard tax time to file. My main reason was because tax software doesn’t have official forms available until early in the next year (I assume official forms are not available from the government, so I don’t see how they can have that policy). Of course, unknown to me, the government has a law where you must file that year’s business taxes within 90 days of the business closing. So I ended up getting getting a letter from the IRS charging for late filing (around $700 in fees that are counted up based on number of months late and the number of share holders). Luckily, I called the IRS and was able to get a 1-time “forgiveness” of the charges as my business was in order before that mishap. I think the federal unemployment insurance tax form was “late” too (standard federal unemployment insurance amounts to around $56 a person per year), but I had paid my estimated tax on it, so the IRS person said it should not be an issue. So hopefully I am done with all of this now. I’m actually unemployed at the moment, so I really hope that is the case.

Thank you for reading.

I hope you found this book helpful, and good luck with starting your own business!

Scott J. Waldron

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