US Tax – For the last year my business has lost money. Someone told me I could go back and take the amount I have lost as a deduction of some sort on what I made in previous years. Is this true?

For the last year my business has lost money. Someone told me I could go back and take the amount I have lost as a deduction of some sort on what I made in previous years. Is this true?

Answers researched and provided by Sondra Gaylord, EA and discussed by Prof Daniel N Erasmus, EA, USTCP & Foreign Tax Attorney

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