Cindy0H
New Member

Business & farm

You can end the business anytime you want. The advantage to keeping it going is being able to deduct expenses that go along with the business. That can lower your taxable income. Some things like taking the deduction for home office or self-employed health insurance are limited to the net profit of the business. You could try one more year and decide to close it in 2019. The IRS likes to see businesses making profits but a couple of years without a profit will not raise any red flags.

If you have other questions about this, ask in the comment section below.

View solution in original post