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LSDefine

Simple English definitions for legal terms

carryback

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A quick definition of carryback:

Carryback is a way to reduce the amount of taxes a business owes by revising a previously filed tax return. If a business has a net operating loss in the current year, they can apply that loss to a previous year's tax return to reduce the tax liability for that year. This can result in a refund of previously paid taxes.

A more thorough explanation:

Carryback in tax accounting is the process of revising a previously filed tax return to reduce tax liability by applying current year's losses, deductions, and profits. This helps businesses receive a refund of previously paid taxes.

Example 1: A business incurred a net operating loss of $10,000 in the current year. The business can apply this loss to the previous year's tax return, which had a taxable income of $50,000. The revised tax return will show a taxable income of $40,000, resulting in a reduced tax liability and a refund of previously paid taxes.

Example 2: A self-employed individual had a profitable year and paid $5,000 in estimated taxes. The following year, the individual incurred a loss of $3,000. By carrying back this loss to the previous year's tax return, the individual can reduce their tax liability and receive a refund of the previously paid $5,000.

These examples illustrate how carryback can help businesses and individuals reduce their tax liability and receive refunds of previously paid taxes by applying current year's losses to previous year's tax returns.

carrier's lien | carrying for hire

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they let me in after admitted students day and I was like well... what do we do about that
starfishies
16:20
i went to asd and their office is very kind. i think there's a decent chance they'd reimburse you
Mostlylegal
16:21
@starfishies: have you had a date change at ndls?
Their admissions office is actually top tier, had a problem with a letter of rec that went out to all schools and they personally emailed me and made sure it got fixed. Rocketed them up my internal ranking fs
ClassyPleasantHeron
16:25
I'm wondering if that kid in Off Topic has a misconduct file yet, and if I can read it.
starfishies
16:25
@Mostlylegal: yep i got 4/1 i applied early dec (it was my last app) and @Jupiter i really have an overall positive view of the school if you ever need positive confirmation for them
Mostlylegal
16:32
lets hope friday is our day, i just got mine tday
16:35
can i ask an lsat question rq?
Mostlylegal
16:37
sure
starfishies
16:38
yep hoping for some straggling decisions before the 4/15 deposit deadline but ill be alright if not
any guesses on the next wave for loyola chicago?
Looks like no waves td
captaincringe
18:16
Just got a WL email from Loyola Chicago a few mins ago. Good luck!
MrThickRopes
18:42
fo pm gon come thru 4 us tmrw
starfishies
18:43
absolutely
HumdrumSoreGecko
18:52
Any SMU waves soon? App status updated but nothing yet :)
19:15
2.9/17high splitter best shot?
19:15
2.9/17high splitter best shot?
MrThickRopes
19:35
bro got a 2.9 bro is NOT the thinker
starfishies
19:37
thats not nice
19:39
im dead😂
19:40
MrThickRopes
starfishies
19:40
washu would want u ;-;
19:41
Thank u!
[] c0bra1
20:40
is nyu doing tuesdays instead of wednesdays now
MrThickRopes
23:12
fuuuckkkk
MrThickRopes
23:12
mr thick. ropes is . wasteddddd
Just wnna say im proud of everyone who applied to schools this year! You’re amazing!!
Hi guys quick question
Has anyone applied to Jacksonville ?
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