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Carl
Level 15

Moving from small business to turbotax business

Would that change your answer?

No. You do things the same for closing the SCH C business, regardless of what you're transitioning to. Just let me know when you've got the disposition of the LLC done on the SCH C.

Oh, one other thing to. You stated in an earlier post:

pretty much have our SCorp taxes completed.

Thats what you think. 🙂 So it's extremely important that you do *NOT* e-file "any" tax return until you have completed "all" tax returns and are *one* *hundred* *percent* satisfied with the results.

Otherwise, if your jump the gun on this and realize you did something wrong after you e-file, you'll find yourself in a tax-hell nightmare from which you will never awaken. So that's why we're taking it slow.

Keep in mind also that the S-Corp 1120-S return has a "drop dead" due date of March 15th to the IRS. After that date, late filing penalties start accumulating and those penalties are "high".

 

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