Business Loss Carryback Deadline Approaching

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Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

Business Loss Carryback Deadline Approaching

Aug 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 for more information.

Helpful News From the IRS

Small Biz Deductions - Net Operating Loss Carryback and More


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