Explore BrainMass

Explore BrainMass

    Filing a tax return with a loss: pay as you go

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    When you are filing your business return at a loss for three years, would you still be paying as you go?

    © BrainMass Inc. brainmass.com June 3, 2020, 11:08 pm ad1c9bdddf
    https://brainmass.com/business/accounting/filing-tax-return-loss-pay-go-264668

    Solution Preview

    The normal definition of a 'business return' means a corporate return. In the case of a corporation with a loss, there would be no payment of income tax required because there would be no taxable income to compute income tax on.

    If you mean an unincorporated business filing on a Schedule C as part of an individual's income tax return, the answer would be different. Any loss generated from a small ...

    Solution Summary

    This 302 word solution explains the answer in terms of the type of entity reporting a loss including the effects of combining losses with other income within the tax return.

    $2.19

    ADVERTISEMENT