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1040ez file on line 9. 1040ez file on line Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. 1040ez file on line You do this by subtracting business expenses from business income. 1040ez file on line If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. 1040ez file on line If your expenses are more than your income, the difference is a net loss. 1040ez file on line You usually can deduct it from gross income on page 1 of Form 1040. 1040ez file on line But in some situations your loss is limited. 1040ez file on line This chapter briefly explains two of those situations. 1040ez file on line Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. 1040ez file on line If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. 1040ez file on line Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). 1040ez file on line You can use an NOL by deducting it from your income in another year or years. 1040ez file on line Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. 1040ez file on line Your trade or business. 1040ez file on line Your work as an employee (unreimbursed employee business expenses). 1040ez file on line A casualty or theft. 1040ez file on line Moving expenses. 1040ez file on line Rental property. 1040ez file on line A loss from operating a business is the most common reason for an NOL. 1040ez file on line For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. 1040ez file on line It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. 1040ez file on line Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. 1040ez file on line You cannot use a loss from the activity to offset other income. 1040ez file on line Activities you do as a hobby, or mainly for sport or recreation, come under this limit. 1040ez file on line For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. 1040ez file on line That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. 1040ez file on line Prev Up Next Home More Online Publications