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You don't have to pay taxes if you didn't make any income...
1 posted on 12/21/2022 9:56:29 AM PST by Beave Meister
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To: Beave Meister

Congress and the IRS make the rules; we play the game. If Trumps accountants found a legal way to avoid being raped by the IRS, more power to them.


161 posted on 12/22/2022 5:36:08 AM PST by muir_redwoods (Freedom isn't free, liberty isn't liberal and you'll never find anything Right on the Left)
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To: Beave Meister
These yahoos forget about the "net operating loss carryforward".

old article from NPR.

https://www.npr.org/sections/thetwo-way/2016/10/04/496463285/is-it-fair-that-businesses-get-to-carry-forward-their-losses

When a business taxpayer has negative income, that loss can be used to get a refund for past taxes paid or get carried forward to reduce future tax bills. Under current law, you can carry back two years and carry forward for 20.

Congress has been allowing net operating loss — NOL — credits since 1918.


How often does one get to use it ? I don't know
162 posted on 12/22/2022 4:43:49 PM PST by stylin19a (Therapist said my narcissism has me misread social situations. I'm pretty sure she was hitting on me)
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