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| you can use an nol by deducting it from your income in another year or years. | This strategy can help reduce your taxable income in future years when your business turns a profit. |
| You can file an amended return to claim an nol up to three years after the end of the tax year involved. | In this case, the irs allows you to carry the excess loss forward to future years, known as a net operating loss nol carryover. |
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