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Filing 2012 Taxes In 2013Filing 2012 taxes in 2013 9. Filing 2012 taxes in 2013 Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. Filing 2012 taxes in 2013 You do this by subtracting business expenses from business income. Filing 2012 taxes in 2013 If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. Filing 2012 taxes in 2013 If your expenses are more than your income, the difference is a net loss. Filing 2012 taxes in 2013 You usually can deduct it from gross income on page 1 of Form 1040. Filing 2012 taxes in 2013 But in some situations your loss is limited. Filing 2012 taxes in 2013 This chapter briefly explains two of those situations. Filing 2012 taxes in 2013 Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. Filing 2012 taxes in 2013 If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. Filing 2012 taxes in 2013 Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). Filing 2012 taxes in 2013 You can use an NOL by deducting it from your income in another year or years. Filing 2012 taxes in 2013 Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. Filing 2012 taxes in 2013 Your trade or business. Filing 2012 taxes in 2013 Your work as an employee (unreimbursed employee business expenses). Filing 2012 taxes in 2013 A casualty or theft. Filing 2012 taxes in 2013 Moving expenses. Filing 2012 taxes in 2013 Rental property. Filing 2012 taxes in 2013 A loss from operating a business is the most common reason for an NOL. Filing 2012 taxes in 2013 For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Filing 2012 taxes in 2013 It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. Filing 2012 taxes in 2013 Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. Filing 2012 taxes in 2013 You cannot use a loss from the activity to offset other income. Filing 2012 taxes in 2013 Activities you do as a hobby, or mainly for sport or recreation, come under this limit. Filing 2012 taxes in 2013 For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. Filing 2012 taxes in 2013 That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. Filing 2012 taxes in 2013 Prev Up Next Home More Online Publications
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