NOL for small business and income from W-2

If I have a net operating loss from a self-employed business, but I also have income from a W-2 where I was an employee, is the business loss deducted from my taxable W-2 income or can I carry forward the NOL to next year for my business expenses and income in the next tax year?

posted

The net operating loss from your business (from Schedule C) will appear on line 12 of your 1040 (as a negative number). It will be subtracted from your other income, including your W-2 wages.

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