The much touted stimulus package celebrated its first birthday this week. Most small businesses missed the party but they can still get the goody bag.
The loss carryback periods are extended up to five tax years. Under this set of rules a business can carry a current operating loss back up to five tax years and recapture taxes paid in a prior profitable year, presuming they have had one.
If your business suffered an operating loss and you are left feeling quesy, like a child who had too much birthday cake with buttercream frosting, now is the time to talk to us about utilizing the carryback rules to get some much needed capital in the form of a tax refund.
Getting tax money back to reinvest in your business…that’s what I call stimulus.