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Tax Break For Business Losses

As you can imagine, there were a number of companies operating at a loss in 2009. In general, loss of business is that you can do it again for two years and apply them to obtain refunds of income taxes. The new tax break allows you to bring back a loss of three and a maximum of six years. Yes, back when times were good, and some of us actually do something called “victory” and not sweating bills. Ah, the good old days! Magic is part of the provision of the law on personal property business. It ‘was signed into law on 1 November 2009, President Obama.

At this point, you may have a sense of déjà vu. Was not this tax relief was published a year or two? Do not worry. You are not crazy. Almost exactly the same tax break has been issued under the stimulus bill was issued in February. The difference has to do with a cap.

The provision of stimulation was limited to companies with less than $ 15 million in revenue each year. The new provision in the release of workers, homeowners and business Assistance Act of $ 15 million dollar cap and tax relief is available to all businesses.

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