carryback
Prior-year credit transfer
A carryback is a tax provision allowing a business to apply current losses or credits to previous tax years, generating a refund on taxes already paid.
The opposite of a carryforward, which applies losses to future years.
The company used the carryback to recover taxes paid three years ago.
tax
Balance moved to future
- tax returnIncome declaration to government
- amendmentChange to official text
- deductionConclusion from premises
- fiscal yearAccounting calendar period
taxable income · offset · IRS · refund · tax credit · retroactive · tax relief · corporate tax
carryforward
Balance moved to future
- tax returnIncome declaration to government
- amendmentChange to official text
- deductionConclusion from premises
fiscal year · taxable income · offset · IRS · refund · tax credit · retroactive · tax relief · corporate tax · tax planning