For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year into tax savings for next year and, perhaps, beyond.
Tax inequities can exist between businesses with stable income and those with fluctuating income. The NOL deduction helps address those inequities. It essentially lets the latter average out their income and losses over the years and pay tax accordingly.
When it comes to business losses, the rules are complex, especially the interaction between NOLs and other potential tax breaks. Our unique, free online app will show you deductions and benefits 98% of business owners are unaware of, then if you want, we'll go get them and then submit the paperwork to you or your CPA to file with no upfront fee!!
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