Steve Pope wrote:
[snip]
- quote -

business that was at a loss.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Katie <katiej_1958[at]yahoo.com> wrote:

- quote -

One additional point, the OP did not say whether or not this
business is a corporation. That shifts things around a little.

Steve

- quote -

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 27, 3:29*pm, kimshapiro...[at]yahoo.com wrote:
- quote -


Your net operating loss (NOL) available for carryback or carryforward
is calculated on Form 1045. It is not just the loss on your Schedule
C; that loss will be reduced to the extent it is offset by other
income.

You may want to get professional help with your 2009 taxes.

Katie in San Diego

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 27, 3:29 pm, kimshapiro...[at]yahoo.com wrote:

- quote -

The term in question is "Net Operating Loss" or "NOL". Google for
it. Basically, you can carry losses back 2 years and forward 20
years. In some cases, you can carryback 3, 5, or 10 years.

http://www.toolkit.com/small_busines...x?nid=P07_3130
http://www.irs.gov/publications/p536/

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Question on Business Loss:
***************************************

I have a small service business that has been profitable for the past
few years.
However, with the economy the way it is, I may have a loss this year.

I have 2 questions:

1. Can I carry this loss backwards to past years and set off against
past years profits ?
If so, how should I go about doing this ?

2. If the above is not possible..
How can I carry forward this loss to future years and set off against
future years profits?
If so, how can I do it ?
Any forms to fill ?


Please let me know.

Thanks,
Kim

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >