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D
donteresamccann
November 16, 2022
Question

Ending a business

  • November 16, 2022
  • 1 reply
  • 0 views

Next year I will end my C-Corp business with a loss. What do I need to declare on my personal 1040?

    1 reply

    D
    donteresamccannAuthor
    November 16, 2022

    I know that I have to file form 1120 which will be a loss for this year. I plan to end my single owner C-Corp home-based consulting business next year as I will be 74 then and I am not expecting any new business. There will be some additional expenses next year plus this year's loss carry-forward.  Can I declare the loss on my personal taxes? If so, how do I do it?

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