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Business taxes

RedHawaii
Contributor

Business taxes

Can someone tell me if I have business taxes for 2016 and 2017 that need to be filed. Can I go ahead and file my 2018 taxes now? Or do I have to file 2016 and 2017 first?

Message 1 of 12
11 REPLIES 11
Revelate
Moderator Emeritus

Re: Business taxes


@RedHawaii wrote:

Can someone tell me if I have business taxes for 2016 and 2017 that need to be filed. Can I go ahead and file my 2018 taxes now? Or do I have to file 2016 and 2017 first?


AFAIK you can file them in any order, but you're creeping up on the 2 year mark on those 2016 taxes and it's at 3 years where the IRS will do a SFR (substitute for return) and that's likely nowhere you want to be if you had any real revenues.

 

Speaking from personal experience, I'd get them sorted.  




        
Message 2 of 12
LittleSal
Frequent Contributor

Re: Business taxes

I would file them ASAP. You don’t have to send money now. Just file and pay whenever you can.
Message 3 of 12
RedHawaii
Contributor

Re: Business taxes

I keep getting mixed messages from people about if I can file them out of order or not and the tax prep places have no clue either. 

Message 4 of 12
LittleSal
Frequent Contributor

Re: Business taxes

You can file out of order. It’s just not ideal.
Message 5 of 12
CreditSweeper
Established Contributor

Re: Business taxes


@LittleSal wrote:
You can file out of order. It’s just not ideal.

As far as I know, this is accurate. 

 

As others have mentioned, I’d really get on getting those missing years’ returns filed. They won’t go away and you stand the chance of making your problems even worse. 

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Message 6 of 12
LittleSal
Frequent Contributor

Re: Business taxes

Are you expecting a 2018 refund?

IRS may hold refund until 2016 & 2017 are filed. FYI

Message 7 of 12
RedHawaii
Contributor

Re: Business taxes


@LittleSal wrote:
Are you expecting a 2018 refund?

IRS may hold refund until 2016 & 2017 are filed. FYI


Yes expecting a refund. I want to use that to file my previous years taxes. I desperately need a CPA. 

Message 8 of 12
LittleSal
Frequent Contributor

Re: Business taxes

If you file all three at once, IRS will apply the refund to the other years.

Then you could just make payments on any remaining balance or just let them take future refunds until paid.
Message 9 of 12
RedHawaii
Contributor

Re: Business taxes

Thanks everyone! Sorry I was unable to respond for so long. Health related, but I am working with a tax pro now. So hopefully it all works out for the best.
Message 10 of 12
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