10/12/2026
In many cases, a qualifying business loss can reduce taxable income, which may lower your overall tax bill.
However, there are rules that can limit how much of a loss you can deduct in the current year. Some losses may instead carry forward to future years.
Talk with a tax professional to understand how the rules apply to your specific business and tax situation.
This is also why accurate bookkeeping matters.
You need to know your real income, expenses, and profit or loss before you can properly plan for taxes.
Need help getting your books accurate and tax-ready?
Book a call using the link in our profile or comment “taxes” below to learn more about our services.
