Business Formation

You can carryback your current years loss 2 years then forward 20 years.
A 3 year carryback is available for a NOL attributable to casualty losses or a presidential declared disaster.
A farming NOL can be carried back 5 years.

No. you may make an election to forego the carryback. You must attach a statement claiming to forego the carryback and file it with the current years tax return by the due date plus extensions.

No. 100% of the health insurance premiums paid for yourself, your spouse and your dependents are claimed as an adjustment to income on Form 1040 line 29.

A sole proprietorship is one of the four basic types of business entities. It is the easiest kind of organization to create but it also has some of the largest drawbacks. A sole proprietorship is not registered with the state as a corporation or limited liability company. Sole proprietors are generally not shielded from liability when it comes to the company's actions. Unlike LLC's or corporations, there is no "corporate veil" shielding the individuals from the responsibilities of the company. Sole proprietorship are not separable for tax purposes. That means the owner and the business is viewed as the same entity by the government and are taxed as a single entity. Also, sole proprietorship generally has the fewest tax breaks and benefits. Business debts under a sole proprietorship are not separable from the owner's personal debts. That means your personal possessions can be sought by creditors if you default on payments or loans. A sole proprietorship is a one person operation. You can not take on partners or others to run it with you, only employees. With no partners and unlimited liability, it can often be difficult for sole proprietorships to get funding. As the only person in control, owners of sole proprietorships can have unlimited demands placed on their time.

An S corporation can have no more than 75 shareholders. None of the shareholders can be nonresident aliens.

A LLC similar to S Corporations, Limited partnerships and Sole Proprietorships report theor profit or losses on there personal tax returns.

Yes, An LLC and a C Corporation may be owned by another business instead of individuals. S Corporations, Limited parnerships and Sole Proprietorships cannot be owned by other businesses.

Yes. LLC's have similar liability limits as do C or S Corporations. Sole Proprietorships and Limited Partnerships are personally liable for business liabilities.

No. There are no citizen requirements for LLC's, Limited partnerships, Sole Proprietorships or S Corporations. There are citizen requirements for S Corporations.