My client is having money troubles and will be letting go most of it’s contracted labor. I’ve in turn decided to close my “business” because there is too much time and cost involved.
So once March is over, I will have started a business, finished a year’s worth of taxation, and closed down a business within less than a year. Running a business as a s-corporation is quite a bit of work, so I’m glad in a way to stop.
What I see is involved so far:
- Submit a desolve notice to Illinois. Costs $100 for that pleasure…
- When submitting 941s and such, most should have a “final payment” option to select.
- Will still need to do next business taxes at the end of 2009.
- Cancel as many ongoing expenses as I can until I find a job.
- Retire my business number with the IRS
- Close my two business bank accounts (still need them to take/receive tax money at the end of the year probably, so I will be keeping them for quite a while).
Probably a lot more to this, but I have not done much research yet.
I plan on still doing side business whenever I can. I’ll just do it as myself and not an LLC. It should be a lot simpler… Although if I do any extra work in 2009 it will make my taxes a big pain I imagine. (S-corp stuff, K-1 stuff, 1040 Schedule C)……….