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Old 02-07-2014, 05:54 PM
 
Location: California
243 posts, read 912,050 times
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Pretty much what the title said. Mostly interested in S Corps/LLC's

If the loss for a year as reported on a tax return is say $1.00, does that refund amount ( if any is due ) differ if say the loss was $1000, $10,000 or more?

Thanks!
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Old 02-07-2014, 06:27 PM
 
Location: SW Missouri
15,561 posts, read 29,309,085 times
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Quote:
Originally Posted by ShakyJ View Post
Pretty much what the title said. Mostly interested in S Corps/LLC's

If the loss for a year as reported on a tax return is say $1.00, does that refund amount ( if any is due ) differ if say the loss was $1000, $10,000 or more?

Thanks!
If you have overpaid on your quarterly payments, you will receive a refund on the overpaid amounts. Usually, however, your losses will be carried forward and taken as a deduction to lower tax liability for the next year. Your accountant should explain this to you.

20yrsinBRanson
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