Disadvantages of closing a business

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when should a business shut down in the short run

when should a business shut down in the long run

When should a business shut down in the short run!

The tax responsibilities that come with shutting down a business

IRS Tax Tip 2021-153, October 18, 2021

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business.

Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans.

I want to close my business and walk away

When should a business shut down in the short run

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The closing a business page of IRS.gov is designed to help owners navigate the process of shutting down.

Small businesses and self-employed taxpayers will find a variety of information on the page including:

The page also details steps all business owners should take when closing a business.

File a final tax return and related forms.

The type of return to file and related forms depends on the type of business.
Take care of employees. Business owners with one or more employees must pay any final wages or compensation, make final federal tax deposits and