Tax Carryback Rules
If you incurred a loss in your business in 2008 or 2009 and that loos results in overall negative income on your form 1040 or C coorporation tax return, the 2009 tax law provides an opportunity for you to carry back your 2008 and 2009 losses for up to five years to recover taxes you paid in earlier years. It is calle a Net Operating Loss Carryback. Please consult your CPA for complete details.