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Deductions & credits
You don't need to inform the IRS that that sole-proprietorship was closed, so if you don't have issues with things carried over from the previous year, you can delete the form. The main thing that would cause an issue from the previous year would be if you took a special or section 179 depreciation deduction on an asset, such as a vehicle or machine or equipment, you may need to add a portion of that back into income.
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March 6, 2025
1:32 PM