Turning Prior Losses into Current Cash Flow
Legislation has expanded the opportunity to claim refunds from previous years. Before the American Recovery and Reinvestment Act of 2009, a business could carry a current loss back 2 years to essentially reduce taxable income and recoup taxes paid in the prior two years. With its passage, the IRS now permits a business to carry a current loss back 5 years to recover previously paid taxes. But it is critical that proper tax planning is utilized with this opportunity. The new provision allows the business owner and tax planning professional to strategically select a 3, 4, or 5 year carry-back period. Improper planning will limit both current and future refund opportunities.
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The Business Wealth Preservation Group is a professional services firm dedicated to providing superior individualized and custom service to individuals and their businesses in the areas of asset protection, tax planning, exit strategies, and wealth building. Simply put – we want to educate you on all relevant opportunities to put more dollars into your pocket, your business and your future.
We focus on leading edge, sophisticated, and safe business strategies that will help business owners structure, operate and maintain their business to take advantage of business and tax laws rather than being encumbered by them. We partner with the business, the accountant, and the attorney to ensure the business owners are capturing all available benefits that align with their business and personal goals.
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