Needing to know if she has to file taxes for 2010. She sent her remaining inventory back and is no longer in business. Is she able to do a carryover on her NOL to coming years even though she is not in business anymore?
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Yes she should declare her earnings and her expenses. She probably will not have to pay any in because of more expenses.
She should file under Section C, easy to do if you use Turbo Tax.
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