Does the amount of a loss on your business taxes determine your refund amount? (payments, accountant)

[ShakyJ]

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!

[20yrsinBranson]

Originally Posted by ShakyJ

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