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Tax considerations when closing a business / going out of business new 8/17/08

Sometimes businesses close for planned and or unplanned reasons. In addition to:

there are a number of tax matters to deal with, including considering tax or gain from disposing of business assets. The IRS has "help" at http://www.irs.gov/ and www.irs.gov/businesses/small/index.html to guide you through all the cycles of operating a business, including “going out of business.” The IRS provides both checklists and important addresses.

Steps to Take: Checklist of Owner Responsibilities

Forms and schedules

The following are the typical final forms and schedules you may need to file depending on your type of business structure if you go out of business. For more information, see the instructions for the listed forms.

Income tax

Self-employment tax

File Schedule SE with your Form 1040 for the year in which you go out of business.

Employment taxes

Information returns

Miscellaneous