I was self employed for the last few years. I filed for an LLC through the state of OK. In 2015 I performed minimal work and filed schedule C. In 2016 I did not record any profits or losses as I am no longer self employed. Does turbo tax assist with shutting down an LLC, or should I hire a CPA? I have looked through your personal and business package and do not see anywhere I could get this done. I want to be sure the IRS understands I am no longer in business.
Thank you!
For Federal purposes:
Since you filed
Schedule C in the past (such as sole proprietorship or single member LLC), closing a business couldn't be easier. TurboTax will ask you if you disposed of your business
during the year. Once answered - there is nothing else to do for your income tax return. No additional forms are needed.
If you sold
the business to someone else, TurboTax will guide you through the disposition
process and include the transaction on your income tax return.
If you are closing a business that had employees or assets, please see below link for guidance:
From <https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Closing-a-Business/INF12028.html>
For State purposes:
Guidance for closing your business is state specific; each state has its own policies and procedures. Please contact your state Department of Revenue or your attorney for further guidance.
Here 's a link to state's sites (select your state):
For Federal purposes:
Since you filed
Schedule C in the past (such as sole proprietorship or single member LLC), closing a business couldn't be easier. TurboTax will ask you if you disposed of your business
during the year. Once answered - there is nothing else to do for your income tax return. No additional forms are needed.
If you sold
the business to someone else, TurboTax will guide you through the disposition
process and include the transaction on your income tax return.
If you are closing a business that had employees or assets, please see below link for guidance:
From <https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Closing-a-Business/INF12028.html>
For State purposes:
Guidance for closing your business is state specific; each state has its own policies and procedures. Please contact your state Department of Revenue or your attorney for further guidance.
Here 's a link to state's sites (select your state):