30 Important Tax Tips You Must Know to Reduce Your Taxes! - #21 Net Operating Losses
Tip #21: Net Operating Losses. A Net Operating Loss (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. The good news is it ALL changed under CARES Act that was signed back in March 2020. We talk about what does this mean for you and your business in our latest video.
How to Utilize Net Operating Loss (NOL) to Offset Prior Taxable Income Video: https://youtu.be/CQySAC1TYuQ
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