net business loss

September/October 2020 Tax Tips

September/October 2020 Tax Tips

Refund opportunity for excess business losses The Tax Cuts and Jobs Act (TCJA) limited the ability of noncorporate taxpayers — such as sole proprietors, partnerships and S corporations — to offset business losses against income from other sources. For 2018 through 2025, the TCJA limits deductions of “net business losses” to $250,000 ($500,000 for joint…

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