Originally Posted by Lyss:
I'm taking some time off. All my kids just graduated to Kindergarten and I'm not planning to replace them until next fall (a year from now). It's not a guarantee I will reopen but it's the plan right now.
Do I need to claim the business as closing this year? Will my end of year hours worked calculations need to reflect the whole year or just these months I worked?
You should file your normal tax forms for this year. You don't need to announce that you are closing. Your time-space % should be calculated based on the months you were in business and you will claim your expenses for the months you were in business. See my article on this:
http://tomcopelandblog.com/how-does-...ect-your-taxes