How to Utilize Net Operating Loss to Offset Prior Taxable Income

July 7, 2020

If you own a business and your expenses exceed your revenue, you may potentially have a net operating loss (NOL). The NOL is the result when a company's allowable deductions exceeding it's taxable income within a tax period. So what does that mean for you TODAY?

 

An NOL can benefit your tax position by carrying back these losses to offset your prior years' income, however, the Tax Cuts and Jobs Act (TCJA) that was signed in 2017 removed taxpayers ability to carry back these losses. But this isn't all gloom and doom, we have great news! The CARES Act signed in March 2020 has become a game-changer for this. 

 

Find out more on how you can utilize NOLs to obtain HUGE refunds by watching our video and sharing it with others who may have the opportunity to claim back CASH from the IRS!

 

Please feel free to reach out to us at (832) 295-3353, or you can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php

 

 

 

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