The Schedule C is filed with the Form 1040; therefore, the applicable form to file is a Form 1040X, Amended U.S. Individual Income Tax Return. Generally, an amended return is filed to change an individual's filing status, and/or if there is a change in their tax liability, balance due, or refund. The form cannot be filed electronically. It must be paper filed.
A Schedule C does not have an indicator to notify the Internal Revenue Service that you are no longer in business. TurboTax will ask the status of your business in order to know how to proceed. If you had assets to dispose of, TurboTax will assist you with reporting the disposition of any assets.
If you simply stopped operations with -0- income and expenses for the entire year, another alternative is to contact the IRS Business and Specialty Tax Line at 1-800-829-4933 to inform them that you are no longer in business. Usually, they will close out your business filing requirement after you answer a few pertinent questions. Please note that there may be a 2-3 hour wait before you actually speak to a representative. This method is only used if a Form 1040 was already filed.
The Schedule C is filed with the Form 1040; therefore, the applicable form to file is a Form 1040X, Amended U.S. Individual Income Tax Return. Generally, an amended return is filed to change an individual's filing status, and/or if there is a change in their tax liability, balance due, or refund. The form cannot be filed electronically. It must be paper filed.
A Schedule C does not have an indicator to notify the Internal Revenue Service that you are no longer in business. TurboTax will ask the status of your business in order to know how to proceed. If you had assets to dispose of, TurboTax will assist you with reporting the disposition of any assets.
If you simply stopped operations with -0- income and expenses for the entire year, another alternative is to contact the IRS Business and Specialty Tax Line at 1-800-829-4933 to inform them that you are no longer in business. Usually, they will close out your business filing requirement after you answer a few pertinent questions. Please note that there may be a 2-3 hour wait before you actually speak to a representative. This method is only used if a Form 1040 was already filed.