How do I close a business on my taxes?

[aaronp290]

I closed my business in 2013 but taxes keep asking me for them.

[DS30 · Accepted solution]

You need to select that you sold or disposed of it in TurboTax

• Under the business tab> business income and expenses> Profit or loss for business.
• Select the business that you want to eliminate and edit the information
• Business summary page select business profile
• Select "disposed of business in current year" and enter your information. Select "sold/disposed on business in 2015"  even if you got rid of the business in a prior year. (You will need to select this option even though you actually closed it in 2013. This is because you haven't closed it with the IRS until you file a final Schedule C (see screenshot)

This will generate a final Schedule C for the current year and you should not have any more information about this business flowing through to next year.

[FaulkenburgLuwana]

There is no place I see for the Disposed of for a business! The instructions say to go to business tab, there is not business tab, no profit loss, no nothing for me to say I closed my business. I have closed everything with the IRS directly with them, but how do I do this with you? There is no sold or disposed  in any catagory. 

[VolvoGirl]

 This is a new forum layout. Some posts that have June 2019 dates are really older posts from the old forum that got moved over. So they might be for prior years and not current info. When they migrated over the dates got changed to June 2019. And the screen shots got deleted. 

You need to close the business properly.  Or if it transferred over there is a special way you have to delete it.

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-delete-a-prior-year-schedule-c-busine...

And see  this article on closing a business

https://turbotax.intuit.com/tax-tips/small-business-taxes/closing-a-business/L3pbEl8of