In late 2012 I started to make and sell metal puzzles. I did not expect to make much money off these but at the end of the year I received about 2k in sales. Midway through 2013 I established a sole member LLC, setup a bank account and started selling these under this in an effort to keep expenses separate from my own.
I'm not not sure what needs to be done tax-wise for this situation. I carried inventory into the LLC. How do I report this? Also how do I report that the sole proprietorship operation is no longer operating so I don't have to keep submitting taxes for this in coming years?
I'm not not sure what needs to be done tax-wise for this situation. I carried inventory into the LLC. How do I report this? Also how do I report that the sole proprietorship operation is no longer operating so I don't have to keep submitting taxes for this in coming years?
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