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About
The NASE

Membership
Benefits

Business
Learning Center

Your Voice
in D.C.

Micro-Business
Research

Media
Connection

Members
Only

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ABOUT THE NASE

Self Made

An NASE blog on the self-employed and micro-business

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Business Loss Carryback Deadline Approaching

Author

Wednesday, August 19, 2009

Posted by Molly Nelson - Want to take advantage of the expanded business loss carryback provision from this year's economic stimulus legislation? If so, it's time to get started on that paperwork! Eligible calendar-year corporations have until September 15 to file a claim, and eligible individuals have until October 15 to choose the expanded carryback option.

Eligible small businesses that had expenses exceeding their income for 2008 can choose to carry the resulting loss back for up to five years instead of the usual two. This provision could mean a special and larger tax refund for eligible businesses because the loss is spread out over five years.

Please see IRS.gov for more information.

Previously:
Helpful News From the IRS
Small Biz Deductions - Net Operating Loss Carryback and More

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Meet the NASE Staff Bloggers

Kristin Oberlander - In public affairs, my job is to serve as a link between the association, micro-businesses and the media. When I have down time, I enjoy drinking large quantities of coffee, contemplating how I will cram one more pair of (un)needed shoes into my closet and finding creative ways to remove my dog’s hair from my clothes, car, own hair and food. My biggest pet peeve is drivers who don’t understand 4-way stops.

Kristin on Twitter
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Molly Nelson - I help out with the NASE’s legislative advocacy, communications, and public relations. From attending hearings on the Hill to helping select the cover design for the member magazine, I’ve always got something new going on. I like practicing yoga, running through different parts of the city, and I’m an admitted etymology/grammar nerd.
Molly on Twitter
Molly on LinkedIn

Kristie Arslan - As President, one of my chief roles is to educate legislators and the media on how key issues such as health care, tax, and the lagging economy affect the self-employed. When I am not speaking out for our members, I spend my time helping my husband with his small business.

Kristie on Twitter
Kristie on LinkedIn