Carl
Level 15

Business & farm

So I will do all of this in 2020 when I file my 2019 returns, correct?

That would be simplest, and you just give a closing date of 1/1/2019.

Also, by doing this it takes care of everything at the state level as well and I won’t need to file any paperwork with the state(s) to close the business?

I can't state that for an irrefutable fact. This is why it is important to review "ALL' returns being filed *before* you actually file them. I said I would just *EXPECT* the closure to be carried over to the state return. That does not mean that it will be necessarily.

Do remember however, that for an LLC you still have to file "Articles of Dissolution" with the state, and that has absolutely nothing to do with taxes what-so-ever.