As a self-employed individual, you must determine if you are liable for making estimated taxes which are paid on a quarterly basis. The estimated tax worksheet is Form 1040-ES , Estimated Tax for Individuals. When you file your income tax return, you include the income from the business on that return. You simply quit filing a Schedule C with your income tax return. I went out of business this year and still have inventory on hand.
Inventory has to be run through the business when sold even after the business closes.
When an individual has expenses after the business has closed, they are still able to deduct these expenses.