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The tax implications of shutting down your business is that you will no longer be able to write off business expenses related to that business.
I'm assuming you are a sole proprietorship.
Also, you may have gains on sales of assets that you own for the business as well.
We're so close to the end of the year, it doesn't really matter when you shut your business down.
Make sure that you mark your returns as "final" and that you wrap up any employment tax returns as final as well.
No, unless you are operating at a loss and would like to continue operating at a loss to reduce some of her income.
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