When you "closed" the business is immaterial to a Sch C
True. But not always clear depending on a few factors. For example, does the businses have assets that are being depreciated? Was any vehicle use claimed in the business, even if less than 100% business use?
If yes to the above, and lets say you stopped your business in April. You could remove all business assets from the business by indicating they were converted to personal use in April. That stops depreciation.Then show removal of the vehicle from the business the same way by converting it to personal use in April. The business can remain "open" for the rest of the year so that payments received after you stopped the business can be correctly reported on SCH C. Just be aware that this means you would need to keep the business banking account(s) open of course until all outstanding debts and invoices were settled, which is fine.
