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Definition: Net Operating Loss
You have a net operating loss (NOL) when your
business deductions exceed your business income.
As you probably know, many horror movies include a scene in which the scary monster/evil person is finally killed.
But then, just when the good guys all take a sigh of relief, the monster/evil person shockingly jumps back to life and attacks once again.
Okay. So why my interest in horror movies?
Because the Tax Cuts and Jobs Act (TCJA) NOL monster, we thought was dead, has just jumped up and is after us once more!
Meet the TCJA NOL monster.
Back in 2018, thanks to lawmakers, the IRS slashed your ability to use your tax losses to cut your tax bill. This was a scary attack that caused a lot of pain.
The monster is slain.
Because of the COVID-19 pandemic, the government’s CARES Act suspended the monstrous net-operating-loss rules and we breathed a sigh of relief. Nothing to be afraid of.
The monster rises from the dead.
Now it’s 2021 and the CARES Act reprieve is over. It turns out that the TCJA NOL is alive again and is viciously attacking our net-operating-loss benefits. The nightmare rules are back in effect and the horror is starting all over again!
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Never lose hope. The Tax Reduction Letter is here to save you.
Good news! As I’ll explain in my new issue, you don’t have to throw in the towel and give up.
There are strategies you can use right now to create taxable income and make use of your business losses this year!
In my new issue of the Tax Reduction Letter I’ll tell you how to use these scenarios to keep the TCJA NOL monster at bay and keep your money where it belongs. In your pocket.
Want some profitable advice that can turn losses into deductions?
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