For federal tax purposes, the usual carryback is 2 years; the carryforward is 20 years (there are longer carrybacks in some situations) and there are no dollar limits. For state tax purposes, rules vary greatly. The Tax Foundation has a map showing state-by-state carrybacks and carryforward periods and dollar limits for corporations.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health