Tax Reduction Letter

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Article Date: May 2010
Word Count: 1025

Claiming the Net Operating Loss (NOL) Carryback If Return Is Filed after the Due Date

Question

I operate my business as a proprietorship. In 2007, I did not have any income, so I did not file a tax return. I just learned that the loss I had in 2007 can be carried forward. Wow! That could make a big difference in my cash balance. Can I really carry this loss forward? (G.W., ... Log in to view full article.

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