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LSDefine

Simple English definitions for legal terms

carryback

Read a random definition: burglary tool

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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