Final Schedule C or Final Return

[Tee1082]

I am actually working on my 2023 return.

I closed one of my businesses in 2023 summer. I selected the option in Turbo Tax that I closed the business followed with another question in that regard. Now, when I review my return, there is no mention on Sch C that this was a final retun. How to report to IRS that this business in no longer in existence since mid 2023?

Please help!

Thank you in advance!

[AnnetteB6]

There is not a place on the Schedule C to indicate that the business has ended; there is only a check-box showing that it was started during the tax year.

If you have any assets that were being depreciated for the business, then those will need to be 'disposed' by going through each one and indicating that they are no longer being used for business purposes.  But other than that, there is not an indication that the business was closed.