Question

Self Employed 1099 LLC Sole Proprietor loss business income.

Forum|Forum|4 years ago
May 27, 2021
1 reply
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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

TurboTax Home & Biz Windows

M-MTax

If you're the only member of the LLC without an election to be treated as a corporation you only need to file articles of dissolution with the secretary of state or whichever state agency handles LLCs in your state.