In the past 10 years or so I have been supplementing my social security as a contracted consultant for a company I retired from because of my skill set. I've been earning about $40K-$50K each year. The company has informed me as a result of their COVID impact, my services for 2021 have been absorbed in house. Sadly I will miss the income. But plan to enjoy total retirement.
I would appreciate any advice or guidance on how I should deal with closing down this business year of 2021. The one and only payment I received this year was $770. I work from a home office and have been incurring ongoing expenses such as business phone, business internet, business specific software subscriptions etc... And other issues related to Schedule C and Home Office when operating at a loss. (I plan to ride it out through December.)
Thank you,
Steve
