What does Loss Carryback mean? Read on to discover the definition & meaning of the term Loss Carryback - to help you better understand the language used in insurance policies.
Loss carryback is the act of placing the net operating loss for a current year for a previous year or years instead. This is a way for a business to reduce their taxes. Transferring the loss cuts the gains of the previous profitable year or years and thereby retroactively reduces the taxes owed for that period.
We hope the you have a better understanding of the meaning of Loss Carryback.