You'll need to sign in or create an account to connect with an expert.
If you plan on re-opening you should not close out your business for tax purposes. Report any income and expenses you had while operating in 2020. You can also deduct any necessary expenses to maintain your business while it was closed such as rent and utilities on your building.
If you plan on re-opening you should not close out your business for tax purposes. Report any income and expenses you had while operating in 2020. You can also deduct any necessary expenses to maintain your business while it was closed such as rent and utilities on your building.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Sdhays309
New Member
DLK59
Returning Member
jclaing61
New Member
dough-ray
New Member
javiershome-yaho
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.