Re: Business Tax

Hi, I have an online store which was closed in 2017. I forgot to file the closure in 2017. Is there anything I need to do in the 2018? Please help! Thanks in advance.

posted

This really depends. Have you filed a separate tax return for this business in the past? You should file a final return for the business then (either amend or file a 2018 return). Is the business a legal entity? You should close it down with any state entity you filed papers with. Normally your local business license will lapse when you do not pay a renewal fee. If you did not file a separate return and it is not a legal entity, then there is nothing you need to do.