The final step we will cover in the End-of-Year Playbook is closing an inactive business. Maybe you started another business before your current business took off and you got serious. You haven’t worked that previous business in ages, but the government still thinks you do, and they’ll be expecting your end of the year taxes and forms.
By the end of the year, you should officially close any inactive business. This is especially true if you incorporated, filed for a reseller’s license or any other kind of permit. The last thing you want is to find out that you owe back fees for a business you assumed was shut down a long time ago.