I freelanced full-time for 6+ years through a single-member LLC, which I closed at the end of last year after I moved to a new full-time job. I was a user experience designer/researcher and designed web applications, websites, and mobile apps for several dozen clients. Now that the LLC is closed, I have some questions:
- I continue to use my main business laptop for personal use now. How do I handle this on my taxes? (TurboTax Home & Business is very confusing here.)
- Liability and E&O insurance has been one of my business’s largest expenses every year. Do I need to keep renewing it? If so, for how long?
- One of my clients was a family member, and in order to be this person’s one-stop shop for their websites I provided services that I didn’t normally provide to other clients (web development, web hosting, and some content strategy). I’m no longer actively working on their sites, but their domain names and hosting are still under my business’s DreamHost account. May I continue to do their web hosting?
- Is there anything else that I generally need to know or do with respect to this closed business?