Tuesday, September 02, 2014

Carryovers of Unused Tax Breaks: Use ‘Em or Lose ‘Em

From the Small Business Administration.

New taxpayers, such as recent graduates who’ve just entered the job market, probably have a clean tax slate. But seasoned taxpayers have a history that can impact their taxes going forward. Due to limitations and restrictions, some tax breaks cannot be fully used in the year in which they are generated but can be carried over and used in other years. Failing to know what these are and keep track of them wastes valuable tax breaks that can cost you money.
Tax breaks subject to carryovers
Dollar limits and other restrictions curtail write-offs for your current and past outlays. Here are some to note:

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