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If this is business income that is still coming in, even though you may have closed down the visible aspects of the business, the character of the income is unchanged. The income should be reported on Schedule C. If you have associated expenses, they can be deducted. If the net self-employment income is $400 or more, you will need to file Schedule SE and pay self-employment (FICA) tax.
If this is business income that is still coming in, even though you may have closed down the visible aspects of the business, the character of the income is unchanged. The income should be reported on Schedule C. If you have associated expenses, they can be deducted. If the net self-employment income is $400 or more, you will need to file Schedule SE and pay self-employment (FICA) tax.
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