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Filing final tax returns and dissolving S Corp
Hello. Due to the pandemic my S Corp lost all of its clients and did not bring any income since March 2020. I want to close the business and final a final tax return. The company was formed in New York but it was ran in Florida.
The company used my personal vehicle in 70% but only until end of March so I entered a 15% for business use. The car was claimed as assets since 2016 and had a 5 year amortization life. . I am not sure if I have to do anything to take it out from the asset before filing the final return and dissolving the business. Are there any additional forms or items which I need to fill out?
Do I need to do anything else besides marking the Final Return checkbox on federal tax return and NY state tax return?
Thank you!
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March 15, 2021
10:46 AM