Schedule C question...continue to file?

#9 02-03-2004, 02:47 AM

- quote -

> > > My question is this: do I simply stop filing a Schedule C
> > > for the 2003 tax year? (It couldn't be that easy, could it?)
> > > What should I do?

> > No income, no expenses, did not operate the business during
> > the year, no Schedule C to file.

> How ironic! We had a client come by yesterday to ask this
> same question. I told him the same thing. <G> It was
> almost as if he wrote the original post.

Truth is many times stranger than friction.

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#8 02-01-2004, 11:26 PM

- quote -

> > My question is this: do I simply stop filing a Schedule C
> > for the 2003 tax year? (It couldn't be that easy, could it?)
> > What should I do?

> No income, no expenses, did not operate the business during
> the year, no Schedule C to file.

How ironic! We had a client come by yesterday to ask this
same question. I told him the same thing. <G> It was
almost as if he wrote the original post.

Carol
What can one expect of a day that begins with getting out of bed.

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#7 02-01-2004, 10:45 PM

- quote -

> > My question is this: do I simply stop filing a Schedule C
> > for the 2003 tax year? (It couldn't be that easy, could it?)
> > What should I do?

> No income, no expenses, did not operate the business during
> the year, no Schedule C to file.

If he took any Sec 179 expense, he might have to recapture
some of that.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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#6 02-01-2004, 06:04 AM

someone[at]nospam.net wrote:

- quote -

> Since 1989 I worked as an independent computer consultant
> and, of course filed Schedule C's as such. I was very
> successful at it. Three years ago, for personal reasons, I
> began cutting back on clients and last year I actually had
> no income from the consulting. At this point in my life (age
> 51) I don't foresee resuming my computer consulting career
> and have decided to get back to my previous career as a
> musician. Fortunately, I have quite a bit of savings to be
> able to afford to do that.
> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)
> What should I do?

Yes, it's that easy. No self employed income, no Schedule C.

ed

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#5 02-01-2004, 05:25 AM

<someone[at]nospam.net> wrote:

- quote -

> Since 1989 I worked as an independent computer consultant
> and, of course filed Schedule C's as such. I was very
> successful at it. Three years ago, for personal reasons, I
> began cutting back on clients and last year I actually had
> no income from the consulting. At this point in my life (age
> 51) I don't foresee resuming my computer consulting career
> and have decided to get back to my previous career as a
> musician. Fortunately, I have quite a bit of savings to be
> able to afford to do that.
> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)
> What should I do?

Just stop filing Schedule C unless as a musician you will be
earning income where taxes have not been withheld.

Wayne Brasch, CPA, M. S. Taxation

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#4 02-01-2004, 05:25 AM

someone[at]nospam.net wrote:

- quote -

> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)
> What should I do?

I hate to be the bearer of bad news, but it is that easy.
Just don't file the Sched. C this year.

bex

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#3 02-01-2004, 04:27 AM

someone[at]nospam.net wrote:

- quote -

> Since 1989 I worked as an independent computer consultant
> and, of course filed Schedule C's as such. I was very
> successful at it. Three years ago, for personal reasons, I
> began cutting back on clients and last year I actually had
> no income from the consulting. At this point in my life (age
> 51) I don't foresee resuming my computer consulting career
> and have decided to get back to my previous career as a
> musician. Fortunately, I have quite a bit of savings to be
> able to afford to do that.
> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)
> What should I do?

Yes, it is that easy if you have no net income from this
activity.

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#2 02-01-2004, 04:27 AM

someone[at]nospam.net writes:

- quote -

> Three years ago, for personal reasons, I
> began cutting back on clients and last year I actually had
> no income from the consulting. At this point in my life (age
> 51) I don't foresee resuming my computer consulting career
> and have decided to get back to my previous career as a
> musician. Fortunately, I have quite a bit of savings to be
> able to afford to do that.
> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)

It's that easy unless you're dealing with depreciation.

Phil Marti
Topeka, KS

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#1 02-01-2004, 04:26 AM

<someone[at]nospam.net> wrote:

- quote -

> Since 1989 I worked as an independent computer consultant
> and, of course filed Schedule C's as such. I was very
> successful at it. Three years ago, for personal reasons, I
> began cutting back on clients and last year I actually had
> no income from the consulting. At this point in my life (age
> 51) I don't foresee resuming my computer consulting career
> and have decided to get back to my previous career as a
> musician. Fortunately, I have quite a bit of savings to be
> able to afford to do that.
> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)
> What should I do?

That's pretty much it.

Unless you are subject to recapture rules.

For example, if you bought a new computer two years ago and
179'd it, you now go back and recapture the excess
depreciation expense due to first year expensing that would
have not been expensed via regular MACRS.

--
__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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01-30-2004, 09:35 PM

- quote -

> My question is this: do I simply stop filing a Schedule C
> for the 2003 tax year? (It couldn't be that easy, could it?)
> What should I do?

No income, no expenses, did not operate the business during
the year, no Schedule C to file.

Carol
What can one expect of a day that begins with getting out of bed.

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#-1 01-28-2004, 11:34 PM

Since 1989 I worked as an independent computer consultant
and, of course filed Schedule C's as such. I was very
successful at it. Three years ago, for personal reasons, I
began cutting back on clients and last year I actually had
no income from the consulting. At this point in my life (age
51) I don't foresee resuming my computer consulting career
and have decided to get back to my previous career as a
musician. Fortunately, I have quite a bit of savings to be
able to afford to do that.

My question is this: do I simply stop filing a Schedule C
for the 2003 tax year? (It couldn't be that easy, could it?)
What should I do?

Thanks.

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