Self-employed or retired with spouse still self-employed?

Forum|Forum|2 years ago
April 4, 2024
1 reply
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I have previously filed as self-employed but wondering if I should switch to Retired since I had no sales in 2023. My spouse is still self-employed with steady income. Is filing jointly / one income generally to our advantage or should I stay self-employed as well and file a schedule C to deduct minor expenses related to product development and possible future sales?

DaveF1006

You can file a Schedule C this year and indicate that the business ended in 2023 by indicating you disposed of the business. This will allow you to deduct expenses that may have occurred this year but this will be your final Schedule C if you have no plans on returning to the business.

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