The New Unemployment Bill Holds Good News for Small Business

The new unemployment bill that is on its way to the President's desk will help small business by giving you cold, hard cash. In the past, companies have been able to "carryback" their losses in a tax year for two past years. In other words, companies have been able to write off losses for the current year in two previously profitable years and get a refund.

The bill currently on the President's desk will allow businesses to write off losses in 2008 and 2009 for five years previous to 2008. That should be a boon to small businesses and put cash in their pockets when they file their business taxes at the end of 2009.

Talk to your tax accountant to see how much this new provision will help your business!

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