THORGOOD Law Firm

The (Trump’s) Net Operating Loss (NOL), Explained

At the beginning of October, the New York Times released pages from Donald Trump’s Connecticut, New Jersey and New York 1995 tax returns, apparently reflecting that the Donald declared “other income” of negative $916 million and was prepared to forego any federal income tax liability for up to 18 years by carrying forward this “net operating loss” (NOL). So what is a net operating loss?

The “What Ifs” for Struggling Taxpayers

Many of life’s events such as losing a job, foreclosure of a home or even forgiveness of a debt impact the payment of taxes. The tax law offers hope in these situations. As an example, if a taxpayer’s income decreases, he or she may be eligible for certain tax credits, such as the Earned Income Tax Credit. In this blog, We will present a list of quick answers to life event situations that have a potential impact on an individual’s tax burden. For more information see our blogs: Part 1 – What If: Job Related Life Events and Struggling Taxpayers; and Part 2 – What If: Debt Related Life Events and Struggling Taxpayers.

Choosing The Right Tax Attorney

There are many reasons for choosing a tax attorney. Some reasons are reactive or defensive, others are cost-preventive. It is more than wise to retain a tax attorney when:

  • Subject to an audit or collection activity;
  • Filing an appeal of a tax court decision;
  • Trying to save money on behalf of a business; and
  • Trying to take advantage of tax credits or deductions.

Choosing a tax attorney involves the assessment of various factors, which include the following:

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