@Carl wrote:
.... with no business income to deduct those business expenses from, it won't make a penny of difference to your tax liability. But those "unallowed" expenses will be carried forward to 2020 and deducted from your 2020 business income *IF* you have the business income in 2020 to deduct them from.
Just so this is clear and not misinterpreted, a net business loss is not "unallowed"; it can be used to offset any type of income. Further, the loss can result in an NOL which can carried forward to the following tax year and, again, used to offset any type of income.
A business loss would not be "unallowed" or suspended unless the owner (sole proprietor) did not materially participate in the business which would ordinarily be a rare occurrence.
