Where Form 1120 C Nol 2023-2024

Food, welcome to Home Biz Tax Talk. My name is Lissandra Everett, and I am the Home Biz Tax Lady. I help home business owners win the tax game. Home Biz Tax Talk airs Monday through Friday at 9:00 o'clock (ish). When you tune into my show, you're gonna hear about topics that are important to the home business community. Today, I want to talk about the net operating loss. I had a home business owner who's been watching my videos for a while, and I certainly appreciate my community. However, she's really not understanding the concept of the net operating loss and how it affects your taxes overall. So, this is what we're going to talk about today, because now, at the time of this recording (whenever you watch this), we're in the fourth quarter. This is the time, around October, when you really need to be looking at your income and expenses for the year to make sure that if you know you're operating in profit, you also have the money set aside to pay taxes. On the other hand, if you're not making that much money in the fourth quarter, this is game on in the retail industry. This is when the most money is spent. So, you need to get yourself together and figure out how you can create some more profit centers in your business and make more money. So, what is a net operating loss? A net operating loss is when your tax deductions and expenses exceed your income. That means that you're losing more money than you're making. When you're getting started in business, operating at a loss is expected because you are investing in the business before you actually have a chance to sell anything. You may have to purchase products, advertising, business cards,...