Closing a Business
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Closing a Business
Closing a sole proprietorship when there are no employees involved and if no business property is sold, is fairly simple. Just file your final Schedule C to report any income and expenses for the final year of business. That's it.
If you temporarily discontinue operating your sole proprietorship for more than one year, then resume operations in a later year, simply do the following when completing Schedule C for the year you resume business:
If you have employees when you close your business you'll have to file the final employment tax returns and issue W-2s to the employees.
When you close your business, in addition to filing your final federal tax returns and paying any taxes due, you may also have state taxes to deal with.
If you had employees, a state unemployment tax return is generally filed quarterly.
Check your return to see if it provides a place to enter business termination information.
If you paid any independent contractors $600 or more during the year, you must furnish the recipient Form 1099-MISC no later than January 31, of the following year.
If any unamortized start-up costs or organization costs remain on your books when your business is closed, deduct the balance remaining on your final return.