Question: "Net Operating Losses and Casualty and Business Expenses" Please respond to the following:
Make a recommendation about the timing of the deduction to a client that would maximize the tax benefit of an NOL deduction. Provide a rationale to support your recommendation.
Predict at least two (2) potential deduction errors that a taxpayer would most likely make when mixing business and pleasure travel. Next, suggest one (1) way in which a taxpayer could avoid those deduction errors.