Hi there,
In 2024, I received a W-2 as well as 2 1099-NECs for some contract work. The contract work was paid to my NJ Single Member LLC.
I have just filed my taxes for 2024, but I am now realizing I don't plan on doing any more contract work through my Single Member LLC and I plan to dissolve the business soon. I have just closed my business checking account and took an owner's draw from my business account to my personal account just prior to closing it. Note that I already filed my taxes for 2024 and no additional income has gone into the Single Member LLC since filing.
My questions are:
What will I need to report or do for next year? I reported all income of this contract work and paid all taxes for 2024 and the business will not be generating any more income up until it is officially dissolved. What tax documents will I need to fill out next year, if any?
Is this a situation that Turbo Tax can handle?
Since my Single Member LLC is technically a disregarded entity, perhaps there is nothing to fill out?
Any help is greatly appreciated! 🙏
