Business Deductions
- Amortization
- Business Losses and Net Operating Losses
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- Health Insurance Deduction
- Home Office Deduction
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- Qualified Plan Awards
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- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
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- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Small Business Deductions: Business Losses vs NOLs
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Net Operating Loss and Marital Status
If your marital status in the NOL year is different from your marital status in the carryback or carryover year, the spouse who has the NOL can claim it.
If you file a join return, the NOL deduction is limited to the income of the spouse who had the NOL.
Example:
- You were divorced in 2010.
- You were married for 10 years.
- In 2011, you have an NOL.
- You do not waive the two-year carryback period.
- You and your spouse always filed joint returns.
Result:
- You carry back your 2011 NOL to tax year 2009, when both you and your spouse filed a join return.
- You apply the NOL only to your part of the 2009 joint income.
- After deducting your NOL, you apply the tax rates for married filing jointly.
Next:
Business Losses and Net Operating Losses: How to Claim a Net Operating Loss Refund
Related Links
- Who Can Claim an NOL?
- How Do You Know if You Have a NOL?
- Schedule A of Form 1045
- Why a Separate Computation is Required for a NOL
- Items That May Cause a NOL
- Items Not allowed in Figuring NOLs
- Deducting a NOL
- How to Carry Back a NOL
- Carryback and Carryforward Periods
- Eligible Loss and NOLs
- Waiving the Carryback Period
- Recalculating Your Tax Liability
- Marital Status and NOLs
- How to Claim a NOL Refund
- Example of Net Operating Loss Computation
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