Travel Expense Deductions Tax Deductions for Expenses From a Closed Business

This page last updated on
August 8,, 2004

Did You Close a Business This Year?
Expenses You Continue to Pay May be Deductible

Just because you closed your business doesn’t mean you are finished paying the expenses.

Often, all the expenses of operating a business continue long after the business has stopped operating.

You are allowed to deduct all the ordinary and necessary expenses of operating a business even though you no longer have income from that business. The most common expenses are interest and taxes.

If you are still paying expenses of a former business, these costs are generally deducted on the same business form where you reported the income.

Make certain your tax preparer is aware of these expenses.

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Did You Close a Business This Year? Expenses You Continue to Pay May be Deductible

Did You Close a Business This Year?
Expenses You Continue to Pay May be Deductible