I closed my business in 2024. I had no income but some residual expenses. When I report zero income, it flags the Schedule C and will not proceed. How can I fix this?
I closed my business in 2024. I had no income but some residual expenses. When I report zero income, it flags the Schedule C and will not proceed. How can I fix this?
When you close your business, you need to go through all the Schedule C entries in TurboTax. TurboTax will ask you for more information about your business, because there are some situations that could still affect your return this year. TurboTax will ask if you stopped your business during the business interview. It'll also ask for more information on how you closed the business. The program will ask about income and expenses, and about any assets that the business had. For more information visit the following links for both IRS and TurboTax information on closing a business: