I know this is not a tax forum - but I have filed Chapter 7 and must submit my 2009 tax return to the trustee soon. I'm struggling with it because I owned a small business which I closed in 2009. I don't have the money to pay a tax preparer, so I was hoping someone here could point me in the right direction. I invested $100 K in the business and took owner's draws of $24k in 2009 (it was a sole proprietor/LLC) - but the profit & loss statement shows a profit of $24k - which isn't "profit" since I was drawing my own money from the owner's equity account. I just don't know where to show the loss on my tax return. I'm very sorry if this is inappropriate in this forum - but I'm feeling pretty desperate to get my taxes done and can't afford professional help - and my own research on this question hasn't answered my question. Any assistance would be GREATLY appreciated.
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I would try calling a couple Tax Preparers. There are quite a few out there who are willing to offer advice. It can't hurt to ask. -
Have you prepared a profit and loss schedule for your business? What is the result on schedule C of your 1040?
Without seeing a balance sheet or p&l statements for your business it's difficult to help you.
Have you tried Turbotax?Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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