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Home » Net Operating Loss (NOL)
A Net Operating Loss is when your business deductions or personal deductions exceed income for the tax year. In other words, the deductions that are allowable on an NOL are greater than the income that was earned, thus resulting in negative taxable income. Entering such losses into an NOL means the taxpayer may get to save on taxes since this loss can be moved to some other year, and thus taxes for those years may get lowered or taxes previously paid may get refunded.
There are two basic applications for taxpayers to reduce their taxes by using this Net Operating Loss: carryback and carryforward.
The first thing that triggers an NOL on this scale would be really bad years in terms of heavy losses.
During an NOL calculation, taxpayers determine their deductions and income for the year, whereby an NOL has occurred if deductions exceed income. The following steps are involved:
Upon computation of the NOL, one of the following outcomes is likely to occur:
Taxpayers can minimize the impact of an NOL by preparing ahead of time:
For further guidance on NOLs, visit the IRS Publication 536: Net Operating Losses (NOLs) for Individuals, Estates, and Trusts.