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FancyFrancy
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« on: January 16, 2008, 10:30:10 PM »
Now that I've finally quit dealing in the pink, I need to actually close my business down in my tax filing this year.  Can anyone out there tell me how you went about it?  I'm thinking I will  basically have to write-off the remainder of my inventory - which is probably about $1,000.  (and no, I can't return it because it's been over a year since I last ordered)  Just looking for someone to compare notes with.  I'll be talking with my accountant as well but I know you gals!  Experience is the best teacher!!

Thank you Ladies!! :ty:

FF
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« on: January 16, 2008, 10:30:10 PM »
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Sally
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« Reply #1 on: January 16, 2008, 10:34:44 PM »
yech!
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Ginger
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« Reply #2 on: January 17, 2008, 09:40:20 AM »
I did this last year.  But I didn't have any more inventory.  So I can't help you with that.  I also used Turbo Tax for my taxes and checked the little "I closed my business" box.  It felt so good.  Talk to your accountant, they will be the best source of advice since laws vary by state. 
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Snoopy Laura
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« Reply #3 on: January 17, 2008, 01:31:04 PM »
"Closed My Business" box, eh? 

Sweet!

I'm having to do the same thing this year as well.
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nynaeve77
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« Reply #4 on: January 17, 2008, 02:22:42 PM »
Me, too!  I actually lost most of my inventory in a house fire, so I guess it will be super fun to figure out how that works in Turbo Tax!
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FancyFrancy
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« Reply #5 on: January 17, 2008, 09:22:57 PM »
Thanks for the replies, ladies.  I'll let you know how it goes.  And if anyone else has two cents I'd be happy to "hear" them. (giggle)
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