You posted a net operating loss for the year. While obviously not ideal, it isn't necessarily a bad thing when it comes to your taxes, says accountant Mark Kohler. If you aggressively track expenses, you can actually increase your net loss, which you can claim on the current or next year's return, he says.
Mark J. Kohler, a certified public accountant in Irvine, Calif., is a partner in the accounting firm Kohler & Eyre, and the law firm Kyler, Kohler, Ostermiller, & Sorensen LLP, specializing in business, estate and tax. He is the author of What Your CPA Isn't Telling You from Entrepreneur Press.