carryback

Definition

A technique for receiving a refund of back taxes by applying a deduction or credit from a current year to a prior year. also called tax loss carryback.

Use carryback in a sentence

If you want to make sure that you are using all the tools available some times you should try a carryback.

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You should always make sure that you have read the situation right before you try and use a carryback as your next move.

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The carryback strategy employed by the financial adviser to improve his clients tax situation was effective as it lowered his tax burden.

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