I run a small repair shop in NYC and this year 2020, I will need to report a loss. I never reported a loss before so I'm not sure if my knowledge of it is out of date or not.
I read that for 2020 returns we can file for "unlimited" loss. But was it previously we were only able to file a loss of maximum of $3000 per a year? Say if I had a business loss of $9000. I can only offset this loss over 3 years at $3000 each year?
What else do I need to know about reporting a business loss? I use taxact to do my own filing.