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Question

sole proprietor

Forum|Forum|3 years ago
April 10, 2023
1 reply
0 views

i have been using schedule C for many years, but the last 3 years my business kihndof just faded away. no income, no product. I am now just on SS so I don't need to file taxes. do i just not file or do i have to do something.

Employee

You need to file a final return for the business to indicate that it is closed. If you have assets that you are selling or converting to personal use, that may trigger a taxable recovery. If you have loss carryovers, they have to be closed out.

If you had zero business activity in 2022, then you might decide to file an amended 2021 return to close the business on your 2021 schedule C instead, or include a schedule C this year one last time to close the business.

https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business