I've run into two client situations in the last couple of days that hit Section 461 excess business loss limitations. What this limit does, and which was made permanent by the one big beautiful bill, Act of 2025, is that if you have business losses and non-business income, there is a limit. I'm just going to round $300,000 for single filers and $500,000 for joint filers in terms of losses that you can take against the non-business income. If you have a big income event, let's say your W-2 is $1,000,000 and you have a $500,000 business loss, if you're joint then your net income is going to be the $500,000. You're going to pay taxes based on that. If you are a single filer, you're only going to get $300,000 of deductions. The remaining $200,000 will roll over into the future years as a net operating loss carry forward and you're going to pay taxes on $200,000 that you don't have. The character of income and losses does matter and this is yet another example of that.