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  1. #1
    Join Date
    Jan 2019
    Posts
    1

    Default Deductions for Expenses Incurred While Closing Sole Proprietorship

    Throughout 2018 I closed my sole proprietorship. I incurred a small amount of expenses in 2018 (less than $200) and made one sale of $15 resulting from leaving an online listing up. Do I still need to file a Schedule C with my federal income taxes for a loss as small as $185? Thank you for the assistance.

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Expense Incurred While Closing Sole Proprietorship

    I'm sure the US government won't mind keeping the $20 or $30 that would have been the approximate reduction in your taxes.


  3. #3
    Join Date
    Oct 2014
    Posts
    8,238

    Default Re: Expense Incurred While Closing Sole Proprietorship

    Quote Quoting Alumidon
    View Post
    Throughout 2018 I closed my sole proprietorship. I incurred a small amount of expenses in 2018 (less than $200) and made one sale of $15 resulting from leaving an online listing up. Do I still need to file a Schedule C with my federal income taxes for a loss as small as $185? Thank you for the assistance.
    You aren't required to do that, but it might save you a few bucks in tax if you do.

  4. #4
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Expense Incurred While Closing Sole Proprietorship

    Quote Quoting Taxing Matters
    View Post
    You aren't required to do that, but it might save you a few bucks in tax if you do.
    $18.50 if you are in the 10 percent tax bracket, $22.29 if you are in the 12 percent tax bracket, $37.00 if you are in the 22% tax bracket. With either a tax professional or online software generally the cost of filing a Schedule C is going to be greater than that.

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