Should I file for Bankruptcy or my taxes at all

[dman101]

What is the name of your state (only U.S. law)? Ohio

I had this grand dream, 4 years back that I'd hit it big and made my small biz with a friend a c corp. But we have made no money the past 3 years and I mean no money. It cost us more to file then what we make.
Currently we have about 600 dollars and we have a loan to payoff with that.
So my question is do I use it the 600 to file bankrupty? what about not filing at all? Will Uncle Sam really care when I've owed 0 dollars the past 3 years.
thanks in advance

[book_daddy]

Originally Posted by dman101

What is the name of your state (only U.S. law)? Ohio

I had this grand dream, 4 years back that I'd hit it big and made my small biz with a friend a c corp. But we have made no money the past 3 years and I mean no money. It cost us more to file then what we make.
Currently we have about 600 dollars and we have a loan to payoff with that.
So my question is do I use it the 600 to file bankrupty? what about not filing at all? Will Uncle Sam really care when I've owed 0 dollars the past 3 years.
thanks in advance

The fines and jail time outweight the value of that $600 in my opinion. It is a violation of law to not file your business taxes from everything I understand. Now filing bankruptcy will offer you a certain amount of protection from those taxes for a certain amount of time but in the end you will need to pay them. Taxes are not easily written off in bankruptcy, and typically are not even reduced from what I understand. So in short if you use it to file bankruptcy you will also be eventually paying the taxes so if paying those taxes makes you able to not file bankruptcy then pay the taxes. If you have lots of other debt involved then the situation needs to be weighed differently.