If you’re trying to find ways to deduct those losses against your attorney income or restructure your investments this is a great episode to pick up some tips.
Tax reform made a lot of good changes in the tax law for the small-business owner. But the changes to the net operating loss (NOL) deduction rules are not in the good-changes category. They are designed to hurt you and put money in the IRS’s pocket.
Now, if you have a bad year in your business, the new NOL rules are designed to stop you from using your business loss to find some immediate cash. The new (let’s call them bad-for-you) rules certainly differ from the prior beneficial rules.
Don’t worry. We’re here to help. We’ll give you five strategies you can use to get an immediate tax benefit from your business loss. And the good news is that you’ll likely end up better off with our strategies than with your options before tax reform.