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LSDefine

Simple English definitions for legal terms

loss carryforward

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A quick definition of loss carryforward:

Loss carryforward: When a business or individual has more expenses than income in a given year, they may have a net operating loss. This loss can be carried forward to future years and used as a deduction on their income taxes. This is called a loss carryforward, and it can be used for up to five years after the initial loss occurred. It's like saving a coupon for a discount on your taxes in the future.

A more thorough explanation:

Loss carryforward is a tax deduction that allows a business to use its losses from one year to reduce its taxable income in future years. This deduction cannot be taken entirely in a given period but may be taken in a later period, usually the next five years.

For example, if a business has a net operating loss of $10,000 in one year and only $5,000 of that loss can be used to offset its taxable income for that year, the remaining $5,000 can be carried forward to the next year. In the next year, the business can use the $5,000 loss carryforward to reduce its taxable income and lower its tax bill.

Loss carryforward is a useful tool for businesses that experience losses in one year but expect to make a profit in future years. It allows them to offset their future taxable income and reduce their tax liability.

loss carryback | loss insurance

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General

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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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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