Closing Sched C Business: How do I report closing of my art business correctly? No claim of home office, expensed all annually. Checked the Closing box.

[nortonaddy]

I have checked the Closing Business box this year. Can I file reasonable expenses with no income and then just not file Schedule C next year?

[WillK · Accepted solution]

Absolutely. When you check the closing box, the IRS will know that this is a final return for your Schedule C business. You will need to follow the program to make sure you record the expenses and assets out correctly. 

[dplatch]

Where is the Check Box for Closing my Business? I went all through the Business Section and i believe it should be one of the first boxes, but it's not there.

[dplatch]

Where is the check box to closing my business?

[Anonymous_]

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@dplatch wrote:

Where is the Check Box for Closing my Business? I went all through the Business Section and i believe it should be one of the first boxes, but it's not there.

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It is the very first box, actually (see first screenshot).

If you already started entering data for your business, then you need to return to the general business information section and click the Edit button to the right of Disposed of Business in Current Year (see second screenshot).

[Anonymous_]

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@dplatch wrote:

Where is the check box to closing my business?

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Just as an aside, there is no such checkbox on Schedule C.