I was directed by my CPA to form a C Corp for my business. Since I started my business I have accumulated some NOL and NOL carryforward. I wrongly assumed that these losses carried forward to my personal tax return..which they do not. My husband and I each own a schedule C business. When calculating my taxes..I assumed that the NOL would wipe out the income, but I am finding out that it does not. Is there anyway to classify this income to the C Corp so that I can utilize the NOL carryforward to offset this income?
asked 25 Jul '11, 21:07
Have you considered electing sub S status?
answered 28 Jul '11, 03:45
John R. Dund...