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What else can I help you with?
How long can an Individual carry forward a Tax Loss?
It depends what kind of tax loss it is.
Loss Carry forward on a tax return?
If you are talking about a capital loss carry forward, you would enter the amount on Schedule D.
If you have a large capital loss carry forward on your federal income tax and if you have a gain this year can you off set the whole gain up to the loss carried forward?
That is the way that it will work when you use the schedule D of the 1040 income tax return correctly and you have a large capital gain that would offset the large capital loss.
Can an LLC carry forward losses to future tax years?
Yes, an LLC can carry forward losses to future tax years to offset future profits and reduce tax liability.
Is the energy credit a nonrefundable tax credit?
This is a nonrefundable tax credit and when your income tax liability is -0- ZERO you cannot use any of the nonrefundable tax credit to reduce your income tax in the current year 2009. You can carry it forward to a future year. Form 5695 line 28 Credit carry forward to 2010. If line 27 is less than line 23, subtract line 27 from line 23
Can a private company declared dividend out of current years profit and loss account though it has carry forward loss in profit and loss account?
Dividend declaration and dividend payments are two different things. Anyways, the preliminary dividend decision lies on the company's current year performance(profit after tax) or previous years accumulated reserves/profits. Well in this case, the company has suffered loss in the past year(s). So if in your case, if the company has earned profit(cash profits to settle dividend obligation) in the current year it may declare and pay off the dividends irrespective of previous year loss. This previous year loss can be settled against any current year's balance or future profits, depends on certain number of years to be carried forward/backward(tax issue). Obviously, if it is loss making business the company should either restructure, divert or wind-up its activities. There are also taxation issues relating to such carried forward loss known in tax terms "tax loss".
Can you carry forward charitable contributions to the next years tax return?
Yes - you carry the charitable excell alowable deduction forward. There is a 10% of taxable income limitation for the current taxable year, the amount exceeding this limitation is carried forward into the next taxable year. Charles Coker,CPA
If an individual has a capital loss in 2008 can he carry it back to a 2005 capital gain tax paid?
No. But you can use $3000 of the capital loss to offset current year ordinary income and then carry the rest forward. Be sure to fill out the capital loss carryover worksheet in the Schedule D instructions before you enter a carryover from the previous year. The carryover rules are some of the most confusing for taxpayers and taxpayers cheat themselves out of a lot of carryover. Don't assume you know the right amount to carry over. Use the worksheet.
do you carry tax forms?
do you carry tax forms
When selling mutual funds are you taxed only on the dividends and earnings if the realized gains and losses were recorded in prior years and the tax basis adjusted?
diviend on sahre and mutual fund is fullt TAX FREE.And loss on sale of mutual fund can set-off from last year gains and carry-forward for the next 7 years.....
What is accumulated loss?
A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accummulated losses are deducted from the taxable profit-
What is the definition of a succeeding tax year?
It means the tax year that immediately follows. Individuals are calendar year filers, so here's an example: You have a tax credit on your 2010 tax return that you couldn't fully use because it was more than your tax liability, but it can by carried forward to the next succeeding tax year. Therefore you can claim the unused amount as a tax credit on your 2011 tax return. Tax before credits = $500 Nonrefundable business credit = $800 Tax = $0 $300 of the credit wasn't used & it's a credit you're allowed to carry forward, then you can use the remaining $300 of unused credit in the next year. There is usually a limit to how many years you can carry a credit forward before it is lost (unusable). If you have several years of business losses, you may end up with tax credits you never use.
