Net Operating Loss

A refresher on major tax law changes for small-business owners

C Corporation, Individual Income Tax, LLC, Partnerships, Past-Through Entities, Personal Service Corporations (PSCs), Qualified Business Income Deducton (QBI), S Corporation, S Corporations, Small Business, Sole Proprietors, Tax Credits, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns […]

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A net operating loss on your 2017 tax return isn’t all bad news

Federal Income Tax, Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Credits, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment

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