Cindy4
Employee Tax Expert

[Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill

It's a good idea to amend prior years returns in chronological order.  Things like Net Operating Losses, Capital Loss Carryovers, certain tax credits, and depreciation could all impact the following years tax returns.  As an example:  If you have an unused capital loss from 2021, it would carry over to 2022 to either offset capital gains in that year, or if none, $3,000 of it could be used to reduce your taxable income in 2022.

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