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Level 1
posted Nov 16, 2022 1:29:16 PM

Inactive business, did not file for it last year

I have a business that I did not work on in 2020, 2021 or 2022. I did not file taxes for it those years. I never got advised if that was the correct action. Is it okay to continue not to file. 

Thanks!

TAKeat

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1 Best answer
Level 15
Nov 16, 2022 1:33:09 PM

@TAKeat wrote:

I never got advised if that was the correct action. Is it okay to continue not to file. 

Is this a sole proprietorship (where you would ordinarily file a Schedule C)? If so, then filing would not be necessary assuming you have no deductions (such as assets being depreciated or other expenses).

1 Replies
Level 15
Nov 16, 2022 1:33:09 PM

@TAKeat wrote:

I never got advised if that was the correct action. Is it okay to continue not to file. 

Is this a sole proprietorship (where you would ordinarily file a Schedule C)? If so, then filing would not be necessary assuming you have no deductions (such as assets being depreciated or other expenses).