Hi ColeenD3,
Thank you for reply. I read below in the community :
First, yes, you can deduct expenses on Schedule C even if you do not show a positive income. It will be reported on your 1040 as a NOL which can offset other sources of income or act as a carry forward NOL if you have no income. You can also carry back a NOL 5 years with the Tax cuts and Jobs act of 2017.
Does IRS changed theNOL carry back rule? If so, could you share the link here? Thanks a lot,
Lucy
