MaryK4
Expert Alumni

Self employed

If there will be nothing to report in 2025, the 2024 will be the final Schedule C and you do not file a Schedule C for 2025.  Note that you may have to file a 4797 Sale of Business Property for any property that you were depreciating or used exclusively for the business in future tax years if you sell any property.  This is most important of you used a 179 deduction for business use of the car, because you would have to report now because your business use dropped below 50%.   Also if you deducted home office expenses, you would have to report if you sell your home.  Another thing I did not mention is to contact the IRS to cancel your LLC EIN.  

 

See Closing a business.  @ughdeeb 

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