I made a bunch of money last year. So I'd owe a bunch of taxes. (Got an extension to file my return.)
The hitch: I invested 95% of that money back into the business. Which got promptly wiped out this year by a lava eruption. (Still shown on the daily news.)
So in real life, no money. On tax paper, I'd owe a ton of taxes for past year, then get some sort of tax credit next year when I file, I guess. Fat lot of good will that credit do for me.
Is there a way how to carry over last year's tax payment liability till next year, so I don't have to spend money I don't have? Just wipe that gain out on next year's tax return? (As it got wiped out in real life?) Thank you for all helpful ideas in advance
