I have a small farm management business that I will not continue with after 2020. Not selling, just stopping. I had a small amount of income and expense for 2020 that I have entered into my Turbo Tax software. How do I stop the business for 2021? Do I stop it on December 31, 2020 or Jan. 1 2021 when I file for 2021 taxes. I have zero items that I depreciate on a schedule, but I do claim a few miles on a vehicle.
thanks in advance.
