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