Hello-

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?

Thanks!

asked 25 Jul '11, 21:07

Amy's gravatar image

Amy
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Have you considered electing sub S status?

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answered 28 Jul '11, 03:45

John%20R.%20Dundon%20II's gravatar image

John R. Dund...
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Asked: 25 Jul '11, 21:07

Seen: 1,408 times

Last updated: 28 Jul '11, 03:45