Business and personal tax

I have recently opened a small business. I am wondering if I need to have completed my business taxes first before I can file my personal taxes. The business opened in October of 2007 and will only show a loss. I live in Ohio.

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Submitted 240 days ago...

k_st8r

Beginner (59)

The answer depends on when your business tax is due, and when does the business tax year end. If it has a loss it would be to your advantage to file business first, then personal. However if your business tax year ends after 12/31/2007, then you effectively have no loss for the personal taxes as of yet. If sole proprietor, call it a loss in 07 and take the deduction. Biggest question is what type of business? (Incorporated, Partnership, sole proprietorship, etc.) K-1's, w-2's and 1099's all are in play here. Call an accountant and spend the money.

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