Tax Reduction Letter - Claiming the Net Operating Loss (NOL) Carryback If Return Is Filed after the Due Date

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Article Date:

May 2010

Word Count:

1025

Claiming the Net Operating Loss (NOL) Carryback If Return Is Filed after the Due Date

Question

I operate my business as a proprietorship. In 2007, I did not have any income, so I did not file a tax return. I just learned that the loss I had in 2007 can be carried forward. Wow! That could make a big difference in my cash balance. Can I really carry this loss forward? (G.W., Walnut Creek, Calif.)

Answer

No, but you can carry it back, and if it’s not totally used in the carryback, you can carry forward the unused amounts.

To get this favorable treatment on your net operating loss (NOL), you better step to it—do not procrastinate. ... Log in to view full article.

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