Hello everyone,
I need some help with filing taxes for this 2020 year. I have 2 businesses which I plan to dissolve this year. Business 1 is a partnership LLC based in Arizona and the second business is a sole member LLC based in Arizona as well.
The 1st business opened in 2018, but due to COVID, my partner and I want to dissolve it down.
I formed the 2nd business in May of this year (2020), however have found it not effective to use it. This single member LLC has only net $800 of revenue in 2020.
I am curious about how I should go about filing dissolutions/filing final year tax return since 2020 forms are not available yet. Should I wait to dissolve these businesses until Dec 31, 2020 and the file, and if so what Turbo Tax tool should I use. Because both of these are pass through entities, I'd need to file my personal returns as well.
Can someone help? Thanks!
