Question

Schedule C Losses

Forum|Forum|4 years ago
October 27, 2021
1 reply
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I am a small business owner who files Schedule C each year as my only income. Last year my business had a substantial loss due to COVID 19 disruptions and paid no income taxes. Can some or all of these losses be carried forward to this year to offset some of this year's Schedule C gains?

O

OpeA1

Just enter all your expenses into your return as you will normally would and Turbo Tax will take care of the rest by taking any losses and will carry forward any other losses to the following year(s).

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