Forums: Discussions for entrepreneurs and small business.

I started my business around August last year. I found an accountant through eLance and all was dandy, until she simply disappeared on me.
I never filed my 2009 taxes and I don't know how to go about it now. I've been trying to find someone to file the taxes for me, but I've been hitting a wall because my business is too small for most people I speak with.

My question is: can I file the 2009 taxes myself? I am completely ignorant when it comes to taxes, so I don't even know where to find information on the issue.

I use Quickbooks Online, which is up-to-date with the information from last year. I am also incorporated and have a business bank account - if that information helps at all.

I hope someone can point me in the right direction.

Andre Costa
DaCosta Chocolates, LLC
www.DaCostaChocolates.com

That is a loaded question but feel free to give me a call at the number below. 

I have a another client who I am just finishing up based on the same thing… the accountant disappeared but WITH the books and I had to reconstruct the records from bank statements and credit card receipts – so see it could always be worse.

You need to get the business taxes done first since, as an LLC the business income is going to flow to your personal return.  You still will be facing a failure to file penalty on the business return.

Next step is the personal taxes, which may have two penalties, late filing and late payment.

This may not be too bad, if you had a lot of capital investment your first year, you may have a loss that covers most of your personal income (I say may because ‘passive’ income and loss rules could limit that).

You mention incorporation but list an LLC.  Depending upon how you elected to tax the LLC dictates on which form the LLC income is reporting.  I'd recommend getting professional help if you have a business.  Simple inidividuals can do it themselves but chances are you will miss more than enough things that any tax prep fee will pay for itself.

You definitely can file on your own without a paid preparer, the question is should you?  I can't even be sure which form you need to file, but most likely a 1065.  Go to the IRS.gov http://www.irs.gov/app/picklist/list/formsInstructions.html?value=1065&criteria=formNumber&submitSearch=Find and download the forms and the instructions for the form 1065 and see if you still want to take a stab by yourself.  If you do, your QuickBooks Profit and Loss and Balance Sheets should get you started.

Keep in mind that tax law is tricky, and that you could make all sorts of mistakes that could come back and bite you in the ass in the future.

Thank you everyone.

I am meeting with a member of SuN today to go over my issue. Hopefully he will be able to help me.

Andre

Andre,

Hopefully you were able to get your tax situation handled. However this is a good thread to let people know that if you have not filed past year taxes yet, do so.  The IRS is much more flexible with people who file taxes late, but do it on their own.  If the IRS has to contact you and tell you to file taxes, they become much harder to work with.  I have taxes sitting right here next to me from 2006-2009, the owner of these just was afraid to file the taxes. It has been three years and he has finally faced the fear.

For those who want to file on their own, TaxAct has 2005-2009 versions available for around 30.00 per year. (includes federal and state with schedule C for sole proprietorships) Extra fees apply for those who need to file for a corporation.