Finally! Some good news for small business owners when it comes to taxes. A bill passed into law last Friday (November 6, 2009) added some nice tax planning opportunities
If you have a net operating loss in 2009 for your business, you can carry that loss back five years. When you carry that loss back to a high income year, you can get a refund within 45 days from the IRS.
Money in your pocket fast. Gotta love it!
Here are a few strategies:
Strategy #1:
16 January 2010
If you haven’t yet checked out the coaching schedule at USTaxAid, take a second to do it here: http://www.usataxaid.com/coaching/ We’ve had a record number of people sign up for the coaching classes and are getting rave reviews. Our next session is January 22nd on C Corporation Tricks and Traps. When you sign up, you get copies [...]
25 January 2010
Every week I do FREE! tax reviews of past tax returns. In many cases, I find easy solutions that would have saved the taxpayer tens of thousands of dollars in taxes each and every year. In a few cases, I can’t find anything and I’m the first one to say that. I never want to [...]
05 March 2010
If you’ve been reading along all week, like what you’ve read, and are interested in what it takes to set up a Series LLC, today’s entry is for you. Paperwork is the key here. All states that offer Series LLCs say the same thing: you only get the liability protection between subsidiary Cells if you run [...]
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November 12th, 2009 at 2:37 pm
Does this loss apply to rental properties? I have losses being carried forward from previous years. Will these cummulative losses be included in the carryback for 5 years?
November 12th, 2009 at 7:54 pm
Can you still carry back losses for 5 years for 2008 losses?
November 13th, 2009 at 4:41 am
Hi Ann: On the losses from rental properties, those can be carried forward only. Taking losses on real estate isn’t quite as straight forward. If you make less than $100K adjusted gross income per year, you can take $25,000 of losses against your other income provided you have ‘active’ participation. That means 100 hours per year or more.
If you make over $150,000 per year, you can’t take any loss. Between $100K and $150K the amount you can take phases out.
There is one exception, that is the real estate professional status. The IRS is looking hard at those now. Expect an audit if you go that route.
November 13th, 2009 at 4:42 am
Hi Dean: The last filing date for your return was either 9/15/09 or 10/15/09. Are you talking about a late filing or an amended filing?