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100 WAYS: #4 Recover Tax Overpayments by Carrying Back this Year's Loss
– March 17, 2010
During this economic downturn, certain companies are going to experience a loss and will be able to carry it back three years for tax purposes. This might be the time to start thinking about maximizing the current year loss.
There are some simple steps that businesses might want to think about such as pushing up maintenance to this year instead of next, give staff bonuses in the current year instead of waiting until next year and writing off any assets that are not being utilized. If your business decides to maximize its losses during the year it will be important to discuss with your banker this strategy so there are no surprises at year-end.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is a Senior Auditor in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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