You should have filed a tax return even as a Single Partner LLC that has substantial losses. These losses can potentially result in a net operating loss (NOL) on your Personal Tax return, that can be carried over to future years. The NOL carried over will offset regular income thereby reducing your future taxable income. This will effectively save you on your future tax liability.
I recommend that you file your Tax return and claim these losses, which will certainly enable you to benefit on the Federal Tax return. Most States generally disallow NOL carryforwards, so I suspect you would not benefit from Oregon State. Your CA individual tax return may not result in any change in the tax liability, but nevertheless, you are still complying with the Tax Law. |