ctrmrz31 0 Report post Posted September 30, 2003 We recently applied for a tax permit because we were planning on starting our own business. We had everything all setup ready to go and at the last minute our financing fell through. We never got around to filing a DBA at the courthouse, but we did get our tax permit. My question is: Will we be taxed in a higher tax bracket because of our tax permit? Do we have to cancel our permit to be taxed at our usual rate?We are just worried we going to be taxed even more than we already are and any help with this question is greatly appreciated!Brandon Share this post Link to post Share on other sites
Dave T 0 Report post Posted September 30, 2003 Since your business never got off the ground, and you have no income from your business to report, your personal federal income tax liability will be unchanged. Your tax permit is issued by your local taxing jurisdiction and they may have a business tax return for you to file even if your business had no income. If your tax permit is an annual permit, and your business is defunct, just let your permit expire. Share this post Link to post Share on other sites
ctrmrz31 0 Report post Posted October 2, 2003 Thanks a lot for your input! I was so worried about it because we don't make enough money to be trying to pay extra taxes. I have recently decided to get into REI by way of Lease Puschasing and/or Wholesaling. I plan on getting my hands on "The Naked Investor" to get me started in my endeavour, but at the moment money is tight. I am trying to get my potential partner to invest in the manual in exchange I will do the studying and arrainge our first deal. I also hope to get MichaelC to award me a copy by either arrainging for him to come and speak here in west Tx or by coming up with an impressive post of some sort. Tomorrow I will find out if the cash will be available and then I can decide how to proceed. Thanks for your time!Brandon Share this post Link to post Share on other sites
