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/biz/ - Business & Finance

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28919415 No.28919415 [Reply] [Original]

So i'm one of those people who puts away an extra few dollars towards income tax and claims 0 so at the end of my year i have a nice sized tax return.

the year before this i never filed taxes because i worked for, and owned, part of a small business. I spent all of my time working there, because i owned part of it. After exactly one year, my business partner locked me out, and ransacked my desk for all of my documentation of ownership. I am going to be able to sue and most likely win, but i want my tax return now...if even to pay for the lawyer.

My question is, how do i file my taxes for my share of the small business if i have no access to the information? i received money from the business, but can no longer access the bank account to even reference anything. Would it look bad if i claimed to have made nothing that year? should I claim based on an estimated income?

Can i file for this years taxes without having submitted anything for the previous year?

>> No.28919903

>>28919415
Did you give yourself a paycheck or did earnings stay inside of the business? If the latter, you file nothing for personal taxes with an LLC. If you had paychecks, the business must file a W2, else you have to report them to the IRS. If your partner locked you out of everything, your articles of organization (the bank will have a copy) will be enough to reclaim access to all accounts should you take it to the bank. unfortunately, your partner can and probably has already cleaned out any business accounts and there is probably nothing you can do about it in the short term. In the longer term, he will get charged with embezzlement very easily.

In short, don’t expect a tax return if you never gave yourself paychecks from a company account and withheld taxes.

>> No.28920599

dude thank you so much! the articles of organization were never amended to include me after my capital was introduced, but i have all of my investments on my bank statements of bills i paid for on the business's behalf and theres a bunch of them. a bunch of texts, etc.