I didn't make any income last year but, I did have a business last year and closed it in the beginning of the year. I can be claimed as a dependent. How do I file my tax?

Forum|Forum|3 years ago
January 24, 2023
1 reply
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I am of age (over 21 and 24) I am not in college. my business was a sole prop., llc. I had no employees but myself.

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DavidD66

If you had no income, you do not have to file a tax return. If you had any expenses, you file to claim the expenses and then carry your loss forward to offset future income, but you are not required to do so.

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myang28216Author

Thank you for the response. However, I received a letter from the IRS stating to, "file the last returns for your business. Show the date it was discontinued and mark each return 'Final', so we can update your records".

AliciaP1

You can use TurboTax CD/Download software to complete your 2021 tax return and mark the Schedule C as "ended in 2021" to designate the final return. You cannot efile the return anymore, but you can file the paper return.

See How do I prepare a 2021 tax return? to download the software.

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