If you're in business as an individual, either alone or in a partnership, and your business makes a loss you must check the non-commercial loss rules to see if you can offset the loss against your income from other sources, such as wages. If you are not able to offset your loss in the current year, you must defer the loss and may be able to offset it in a future year, either by passing one of the tests or making a profit in the business. For more information contact the BASMAN |
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