Struggling to navigate your business losses from tough years like 2020 and 2021? Many business owners fail to understand how Net Operating Losses (NOLs) work, missing out on valuable tax relief by not properly carrying them over to future tax years. Dr. Friday explains the importance of ensuring your losses are rolled over correctly, using examples like Donald Trump’s tax strategies to highlight the benefits. If you’ve experienced losses in your business, make sure your accountant manages your NOL properly to maximize tax savings. Need guidance? Call Dr. Friday at 615-367-0819!
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
We all know that 2020 and 2021 for many business owners were really bad years. A lot of them had some pretty good losses. and I have found by reviewing some of the tax returns that people didn’t actually understand how NOL worked. So they basically took this loss, but when they did the next year, they didn’t carry it over. So they lost the NOL, which was the loss of income. Everyone heard about Donald Trump and not having to pay taxes. Well, this is that kind of thing. So if you had a loss in business and you didn’t use it all up in that year, you need to make sure your accountant rolled that over to the next year and again to the next year if necessary. You need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7. WTN.