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Tax Break For Losing Money

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Money Talk > Taxes

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cicredit
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Tax Break For Losing Money  Reply with quote  

Hey I was just wondering what new tax deduction this is, but a buddy of mine actually lost money this year with his S. Corporation. However, he is getting $400 dollars back does anyone know why this is? Or possible what new law is in effect. I really don't know anything about this situation so I figured I would ask.
Post Wed Feb 10, 2010 5:43 am
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coaster
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Business losses have been a deduction for about as long as anyone alive paying taxes remembers. Most likely he's getting a refund of taxes overpaid during the course of the year. Then again, maybe it's some part of the Obama stimulus program. Can't say for sure. Why don't you ask? Hard to answer without the details. Wink

~Tim~
Post Wed Feb 10, 2010 6:09 am
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cicredit
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lol...yeah I really don't know the tax stuff. I guess that are what accountants are for..lol. I should probably ask him for a more detailed description of what is going on.
Post Wed Feb 10, 2010 9:44 pm
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