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Tax tip: Move fast on NOL carrybacks

by on
in Small Business Tax

Time is running out on a tax break for some small biz owners. The IRS notes that self-employed individuals have until Oct. 15, 2009, to carry back a net operating loss (NOL) from calendar year 2008 for up to five years instead of the usual two years. (IRS Information Release IR-2009-72)

This maneuver is available only if you had average annual gross receipts of $15 million or less for the past three years. The deadline for calendar-year corporations was Sept. 15, 2009 (dates for fiscal-year businesses vary).

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