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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 3 Issue 105 March 23, 2001
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 3 Issue 105 March 23, 2001 |
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Hi Tax Mama! I have a very small business, just myself selling a self-published book. Last year I had to file a 1045 Schedule A, Net operating Loss. I notice that's not included in the 2000 lineup of forms. Has it been replaced by the 3621? Thank you! Starving Writer  Nope. It's right there - where it always was: http://ftp.fedworld.gov/pub/irs-pdf/f1045.pdf The 1045 is the form for a quick refund using Net Operating Losses carried back. If you look at the body of the form, you'll see all those columns so you can carry the losses back each year. It's a nifty tool. Pay no attention to the name <<font color=#ff0000>g</font>> After all, what's in a name, an NOL by another name rewards as richly. All kidding aside. Be careful. You want to think twice before you keep reporting all those losses for several years. You don't want IRS looking more closely to see if you have a hobby, instead of a business. Make sure you have a good business plan in place that shows WHEN you expect to start turning a profit - and how you're going to achieve it. Filing amended returns, whether 1045s or 1040x's does attract scrutiny. Best wishes, TaxMama Click Here for TaxMama's Honor System |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg |
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