A tax loss that occurs when a taxpayer’s allowable deductions exceed their taxable income in a given year. NOLs can generally be carried forward indefinitely to offset up to 80% of taxable income in future years (with some exceptions).
A tax loss that occurs when a taxpayer’s allowable deductions exceed their taxable income in a given year. NOLs can generally be carried forward indefinitely to offset up to 80% of taxable income in future years (with some exceptions).