Business Loss? Recover with Net Operating Loss (NOL) Strategies

Nobody goes into business to lose money.

But if you do suffer a net operating loss (NOL), you can often use it to produce refunds from prior tax years and reduce your taxable income in future years.

How?

You’ll get the lowdown on how to put an NOL to work for you when you read my new article titled Tax Tips: Business Loss? Recover with Net Operating Loss (NOL) Strategies.

Three ways our fact-filled article can help you:

1. You’ll learn how to claim your NOL against income from other years. Tax deductions you incurred this year (that exceeded your current-year taxable income) turn into tax benefits, either immediately by carrying the NOL back, or in the future by carrying the NOL forward. You’ll get all the details when you read the full article.
2. We’ll explain why timing things right is so vitally important. To handle your NOL correctly you need to keep a close eye on your calendar and file certain “elections” and extensions at the right times. You’ll get all the information you need when you read the full article.
3. We’ll tell you why you have to watch your language. Lawmakers forced the IRS to make you jump through some hoops when it comes to some tax breaks like the NOL. If you don’t use exactly the proper language in the election, the IRS will deny it. You’ll learn what language will pass muster when you read the full article.