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posted Oct 27, 2021 11:26:44 AM

Schedule C Losses

I am a small business owner who files Schedule C each year as my only income.  Last year my business had a substantial loss due to COVID 19 disruptions and paid no income taxes.  Can some or all of these losses be carried forward to this year to offset some of this year's Schedule C gains?

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1 Replies
Level 6
Oct 27, 2021 11:58:05 AM

Just enter all your expenses into your return as you will normally would and Turbo Tax will take care of the rest by taking any losses and will carry forward any other losses to the following year(s).