Does Turbotax have a way to close a business in the software UI? Does it file an 8594 when someone closes their business to deal with the assets? I have a small photo/video business I am ready to close and need to deal with the gear properly. What can someone expect for tax situation when closing a business that has equipment like cameras and lenses and stuff? These depreciate pretty quick. I would be selling the assets to myself from the business. Converting them to personal use. Business is basically too slow and its more of a power hobby now.
