The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: when is a business no longer a business?||Date: 6/20/2012 10:18 AM|
|Author: lethean||Number: 116300 of 125194|
There is a line on Schedule C that asks - Is this the final year of the business? Mark that YES. Value the ending inventory at $0. Complete the rest of the return as usual. Now the IRS is notified that the business is ended and will not expect another Schedule C.
Then call the state (sales tax office) to notify them that the business is ended. Call the county to notify them (property tax office). Call the county (business license office) to notify them.
I'm not a tax pro. But I don't understand why this would not work for you.
We wrapped up a profitable business and that's basically the way it was done. Actually there was a sale of the business too which included everything. So it's different in that respect.
To the pros: Is there more to it than that?
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