| Tax Break For Losing Money |
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cicredit
Member
Cash: $ 2.75
Posts: 13
Joined: 09 Feb 2010
Location: Katy
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| Tax Break For Losing Money |
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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.
Credit Repair Services Credit Innovations
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Wed Feb 10, 2010 5:43 am |
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coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
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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. 
~Tim~
Eye Candy : Why Whimsy
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Wed Feb 10, 2010 6:09 am |
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cicredit
Member
Cash: $ 2.75
Posts: 13
Joined: 09 Feb 2010
Location: Katy
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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.
Credit Repair Services Credit Innovations
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Wed Feb 10, 2010 9:44 pm |
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