My question involves business law in the state of: Ohio
My husband has an LLC that failed. It has been in operation for over 10 years, and over the years, its accumulated quite a bit of debt. Much of that debt was refinanced and is still outstanding. A family member cosigned for the loan, so we cannot declare bankruptcy to dismiss is once the LLC is dissolved. We will continue to pay down the debt over the next few years out of our personal finances as available. Is it possible to claim the payments and interest as a business loss on taxes after the business is closed? My idea was to keep the business open and do a few small jobs on the side each year to keep the business accounts open, then claim all the income and losses on our personal taxes. We have always filed the business as a Schedule C for his income. Any thoughts?
My husband has an LLC that failed. It has been in operation for over 10 years, and over the years, its accumulated quite a bit of debt. Much of that debt was refinanced and is still outstanding. A family member cosigned for the loan, so we cannot declare bankruptcy to dismiss is once the LLC is dissolved. We will continue to pay down the debt over the next few years out of our personal finances as available. Is it possible to claim the payments and interest as a business loss on taxes after the business is closed? My idea was to keep the business open and do a few small jobs on the side each year to keep the business accounts open, then claim all the income and losses on our personal taxes. We have always filed the business as a Schedule C for his income. Any thoughts?
Business Finance: Business Closure Tax
Aucun commentaire:
Enregistrer un commentaire