Submitted By: Emily
Answered: January 25, 2009 12:00 am

Do I need to notify the IRS when my business fails or just not file a Schedule C?

You can get away with not filing a Schedule C. But sometimes the IRS gets curious when a business just disappears. The last thing you want to do is make the IRS curious. So I would suggest that you attach a statement that says you shut down your business. In the future, you might want to put “final return” on your Schedule C and attach a statement. This way, you’ve got everything covered.

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Tax Glossary

Health savings account

For calendar year 2007, taxpayers covered by an HDHP may contribute up to the lesser of the annual deductible or $2,850 ($5,650 for family coverage).

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