Don’t lose out on loss deductions

Description

Abstract: When a business is losing money, the tax code’s net operating loss (NOL) provisions can help ease the pain. But these days, many businesses have been operating at a loss for some time and have had insufficient income in recent years to take advantage of NOL carrybacks. To make the break more useful, the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA) temporarily extended the maximum carryback period to five years for most businesses. WHBAA provides several options for businesses with NOLs.