Re: Ending a business

Next year I will end my C-Corp business with a loss. What do I need to declare on my personal 1040?

posted

I know that I have to file form 1120 which will be a loss for this year. I plan to end my single owner C-Corp home-based consulting business next year as I will be 74 then and I am not expecting any new business. There will be some additional expenses next year plus this year's loss carry-forward. Can I declare the loss on my personal taxes? If so, how do I do it?