Closing Your Business
- Closing a Sole Proprietorship
- Filing Your Final Federal Employment Tax Returns
- Independent Contractors
- State Taxes
- Partnerships and Corporations
- Unamortized Costs and Winding Up Expenses
More Tax Topics
- Business Structures
- Start-up Costs
- Depreciation
- Car Expenses
- Home Office Deduction
- Travel Expenses
- Hiring Workers
- Meals and Entertainment
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
Quick Links
Hot Topics
Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
State Taxes
State Unemployment Tax (SUTA)
When you close your business, in addition to filing your final federal tax returns and paying any taxes due, you may also have state taxes to deal with.
If you had employees, a state unemployment tax return is generally filed quarterly.
Check your return to see if it provides a place to enter business termination information.
Sales Tax
Generally, sales tax returns have a box where you place a checkmark if it's your final return and to have your sales tax permit cancelled.
Some states don't have a sales tax.
For example:
- Alaska
- Delaware
- Montana
- New Hampshire
- Oregon
Tax laws change frequently, even at the state level. Check your state for the most current information.
State Employment Taxes
If you file state employment tax returns to report state withholding taxes, check to see if these forms provide a section to enter business termination information.
Check with your state's department of revenue and unemployment office for their tax filing requirements when a business is closed.
Related Links
- Was Your Sole Proprietorship Temporarily Inactive for One or more Years?
- Resuming Business Operations
- What to Do if You Have Employees When You Close Your Business
- Employment Tax Returns
- Did You Pay Independent Contractors $600 or More Your Last Year of Business?
- Form 1096
- Deducting Unamortized Startup Costs and Organization Costs When Closing a Business
- Winding Up Expenses When Closing a Business
Copyright © 2008-2012 Larry Villano. All rights reserved.