If your total income is low or if the net loss from your business is the only income you had, then when doing your personal return, you may find you have a net operating loss or what's called an NOL. An NOL can be carried back either two or five years and carried forward up to 20 years, and used to offset income in future years. Now, taxpayers can elect not to carry the loss back and only to future years, which you may want to do because carrying a loss back requires you to amend the prior year tax returns. However, this may be something you're interested in if you're very short on cash.
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Video instructions and help with filling out and completing Who Form 1120 C Nol
