Tax Loss Harvesting Question

[simplified]

I have a stock in my taxable account that is down about 20k. I have an S-corp which can potentially have over 20k of profit. Can I sell the stock and offset the profit from the business?

I don't plan to buy back the stock and I'm aware of the wash sale requirements. I would rather sell the stock and make use of the losses now rather than after I fire.

Appreciate your input on this. Thanks in advance.

[seattlecyclone]

Capital losses first offset any capital gains you might have, in an unlimited amount. After this, if you have a net capital loss the first $3,000 of this loss can offset other income (such as business income). Any remainder carries over to the next year.

[simplified]

Thank you for confirming that. I was confusing Business Income with Capital Gains.