I had a Business in 2015. It ended in 2015. How to I handle that on the 2016 Return?

posted

If you had no business activity for 2016 and you indicated on your 2015 tax return that you were disposing of the business, then you do not need to include anything on your 2016 return with regard to the business.

If the 2015 return did not indicate that the business was closed as of 12/31/15, then you may need to do some final filings for the 2016 return, depending on how complex your business was and whether you had employees or assets being depreciated.

Use the following TurboTax article as a guide to know how to close the business: https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Closing-a-Business/INF12028.html