1. Do I have to pay taxes for purchases made over the Internet from other states? I thought I have heard many times that congress intentionally set a law that inhibits taxes for these purchases to encourage the growth of the Internet. Has that ended? Was it for non-business purchases only?
2. Started up this year from scratch, so I have tons of write-offs and not a lot of income. I think I remember hearing somewhere that you can go back to the previous year and get some refunds off that return since this year was so bad. That doesn't seem right though, am I remembering that incorrectly?
You're allowed to carry back certain losses to previous years, so you heard correctly. What you need to determine is whether or not it's best to carry back those losses if they exist, or carry them forward by not taking as many deductions this year to create a loss.
This first appeared on Dentaltown.
Send your questions to Tim Lott, CPA, CVA at tlott@dentalcpas.com
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