Past taxes for moms business.what should I do?HELP?

Question

My mom recently passed away and she owned her own business.My cousin was doing the taxes for the school and has not done them for this year.Does the taxes only have to be caught up until the day she passed or for this whole year?I also need to file for another tax i.d. number to continue business.Do I have to catch up the taxes before I can do this?

Answer 1

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Answer 2

Sorry about your mom.

The taxes while she was alive are hers, and that much of the year's income will be shown on HER tax return for the year.  That will be marked 'Final return".

If you are the sole heir and inherited the business, then income after she passed away is yours and goes on your return.

Your mom's tax return for the portion of 2008 isn't due until April of 2009, although making estimated payments for whatever will be due would be a good idea.

When you say "has not done them for this year" if you mean the 2007 return, due in 2008, get that filed as soon as you can.  If tax is due, it is the responsibility of the estate.

Go ahead an file for a new tax id number.  No you don't have to wait.