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Can I file my expenses for my business after my return?

 
 
missm06
 
Reply Sat 20 Dec, 2008 05:39 pm
I have a dielemma. My 07 tax return had a lot of liberal deductions and my net income looks crappy to qualify for a loan. The conundrum of the self-employed. I want to claim all of my income this year and take no expense deductions (is this legal?). Can I file my expenses for 08 later? Someone said this would be fraudulent, but the reported income would be true and proveable and so will my expenses.
 
roger
 
  3  
Reply Sat 20 Dec, 2008 07:16 pm
@missm06,
Misrepresenting your income doesn't sound like a good idea. Most lenders, and all banks are going to demand financial statements, and I'm totally sure they will notice the absence of expenses. Anyway, it does sound like fraud to obtain a loan.

After the initial filing, it is possible to do a revised return within three years of the tax year in question. The form is the 1040X. You are going to have to state the reason for each change. The reason you present don't sound very sound.
0 Replies
 
spendius
 
  0  
Reply Sat 20 Dec, 2008 07:20 pm
@missm06,
You can do anything you want miss. All you have to worry about is how others respond.
0 Replies
 
farmerman
 
  1  
Reply Sat 20 Dec, 2008 08:05 pm
rogers a financial guy so Id take his word. According to the tax code you must report reasonable expenses allowed or allowable. Im sure the IRS is gonna look at your return and question it and you could really be charged with fraud, even though you are doing something thats gonna result in you paying MORE tax for that year.

Qualifying for a loan on that basis is not reccommended. What level of loan do you need? CAnt you work on a line of credit? (That needs to be retired for a while in the calendar year after its use)
Roots-Rock-Reggae
 
  1  
Reply Sun 21 Dec, 2008 11:20 am
@missm06,
Is this a UK tax return?
0 Replies
 
roger
 
  1  
Reply Sun 21 Dec, 2008 05:05 pm
@farmerman,
You misoverestimate me, but thanks anyway. I used to be a pretty good accounting clerk, but no tax work. I do think I responded withing my level of competence, though.
0 Replies
 
 

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