Net Operating Losses (NOLs) are one the Big Money Tax Saving Secret!
Автор: IRSProb com
Загружено: 2023-10-23
Просмотров: 385
Net operating losses are one of the secrets to saving money on your taxes.
We oftentimes get asked how do the big guys like Amazon or big real estate developers, how do those guys get out of paying taxes in any one year or how do they save money on their taxes?
Well, there’s dozens of different strategies, but the net operating loss sometimes also known as the NOL is a great one to implement when it’s available to you.
Net operating losses typically arise when a business’s tax deduction exceeds its taxable income within any one year. The concept primarily applies to businesses, not to individuals, though individuals who operate sole proprietorships, for example, can experience a net operating loss on their personal tax returns. But it’s important to know that net operating loss is determined based on business losses, not on the adjusted gross income being negative.
However, for individual taxpayers who operate businesses such as sole proprietors who report their business income on a schedule C of the form 1040, a net operating loss can affect the adjusted gross income since business losses are factored into the adjusted gross income calculation.
If you or somebody you know is paying too much in taxes and you have your own business and you need to get a strategy in place and you need to give us a call at 214-214-3000. You can also call us toll free at 833-IRS-PROB or look us up online at irsprob.com. That’s irsprob.com.
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