Question

I had a LLC business and I filed a schedule C for my LLC business in 2017, I did not include this on my 2018 return because I ended the business. Should I have included?

Forum|Forum|7 years ago
June 1, 2019
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I have used TurboTax for the past few years to do my taxes. I started a small business in February 2017 and filed a schedule C with my 2017 tax return. The business did not make it, so I didn't include it when I filed my 2018 taxes. Should I have included a Schedule C for 2018? Also, what steps do I need to take to close a LLC business.

TurboTax PLUS Online

M

MichaelMc

Employee

If the LLC had any income or expenses in 2018, then you should file a Schedule C for it as part of your 2018 Form 1040. If you have already filed without including the Schedule C, you can file an amended return on Form 1040X to correct your original return.

Closing an LLC is governed by state law. You should check with the business bureau of your state's Secretary of State office for specific forms and procedures. At a minimum, you will need to pay any outstanding bills, claims for wages, and debts.