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February 12, 2021

forwarding loss

how can i carry loss from last year it was for business set up, about $16000

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    15 replies

    February 12, 2021

    You need to provide a lot more details, such as what software you are using, what created the loss, why it was not able to be used, and more.  The more details you can provide, the more likely someone would be able to help you.

    February 12, 2021

    Ok I’m using qbonline, the guy started his business on oct/19, it was a startup expense he signed up with qb on Jan/20. 
    My question is how much can I forward from the loss which is 16000 to 2020 by the way his net income is 55000 the other question what tool can I use is journal entry fine or there’s a better way. 
      Thanks

    qbteachmt
    Level 15
    February 13, 2021

    Thank you at least I don't have to keep thinking about it again, but as long as you mentioned it, does this mean I'm not suppose to do depreciations and home office calculations.

    Thanks again

     


    "does this mean I'm not suppose to do depreciations"

    Let the tax preparer figure out these values and provide them back to you to enter. You give them a listing of Assets placed in service and removed from service and sold or disposed of. They figure out which rules apply for the year of the activity and based on the history of the items. For all you know, something might be fully depreciated or taken as expense, previously.

    "and home office calculations."

    Don't do these unless and until you know it applies. For instance, all these people whose employer has them working from home, they don't qualify for Home Office on their taxes.

    Here's how I learned: make a check list for that type of Business Entity (sole proprietorship, LLC, S Corp, C Corp) for things you know you would chase down. I describe year end like this: There are a bunch of things you only do at year end, and you don't do again until the next year end. That makes it three years out before you might even remember what it is you are supposed to be doing about it. And by then, Congress changes the regulations.

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