With April being Tax month, Use the Recovery Act’s Loss Carryback Provision
Posted By: Andy Willoughby
It’s April, and that means the tax deadline is right around the corner. As I was reviewing Business Week’s daily tips for small businesses I came across this information which I feel is very beneficial for small businesses.
Use the Recovery Act’s Loss Carryback Provision
The 2009 tax deadline is quickly approaching. Balancing the demands of running your business with preparing a complicated tax return can be a daunting task, especially with new tax laws in place.
Enacted as part of the American Recovery & Reinvestment Act of 2009, the loss carryback provision extends the opportunity for small businesses to take those losses and offset income from five years instead of two. To qualify for the five-year carryback provision, a small business must have no greater than an average of $15 million in gross receipts over a three-year period that ends with the tax year of the net operating loss. It is available to corporations and companies organized as a partnership, sole proprietorship, or S corporation.
If you haven’t filed your taxes yet, the loss carryback provision is helpful to keep in mind when filling out forms 1045 and 1139.
Peter Bingaman
Vice-President, Small Business Services
Deluxe
Shoreview, Minn.
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