Yahoo Answers is shutting down on 4 May 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
If I showed a loss last year but a profit this year on taxes?
My buisness showed a loss last year so I didn't have any income. My business will show a profit this year of about 15,000. I am single with a son. Will I get my earned income credit on the 15,000 or will my loss throw me off? I don't understand where last years loss comes in to play.
1 Answer
Relevance
- jwishzLv 71 decade agoFavourite answer
You can carryforward back 5 years or forward 3 years
Source(s): @
Still have questions? Get answers by asking now.