What’s a carry-back on my previous taxes?
I’m not an accountant, but mine told me, in words I can understand, that a loss carryback allows me to retroactively apply net operating losses to reduce my company’s taxes in a previous year.
I’m sure there are lots of rules, but that is his worry not mine.
My accountant just offered to do this for me. I am a Realtor and have lost money in my business for the last two years, so I can average my income out from past years, not sure exactly how may years they can go back maybe three-five and move some of the high tax paying years forward and claim a refund. Received a $4700 refund check. Not a welfare check but a refund from the very high taxes I paid in '05 and '06.