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