closing business

Forum|Forum|1 year ago
November 8, 2024
1 reply
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For years I had a single employer/owner LLC and used the Turbo Tax Home and Business software. In 2024, I had limited revenue as I am closing the business and have some continued expenses. The revenue was under $1000. Can I continue to use the software and take the business deductions? I have not closed my business yet with the state because I need to finish paying bills and any outstanding taxes. Thoughts? Thanks.

TurboTax Home & Biz Windows

Best answer by Bsch4477

You can deduct expenses related to the production of income.

Bsch4477Answer

Employee

You can deduct expenses related to the production of income.

bolinda55Author

Thank you so much for your response. I just saw the answer and was not intentionally avoiding a reply. It is hard to for me navigate this site.

Can I deduct my health insurance/long-term care insurance costs? And should I use the Home and Business software.?

I promise to be more diligent re my follow-up.

Thanks!

DawnC

Employee

Yes, you can use TurboTax Home & Business to deduct your self-employment health insurance premiums, including your long-term care premiums. However, the deduction is limited to and can't exceed your earned income from self-employment. See the article linked above for more information regarding health insurance premiums when you are self-employed.

Where do I enter my insurance premium expenses if I am self-employed? You would choose the last option.

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