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May 11, 2011
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To Break Even
by: Stephanie

If you had your taxes filed for you and he said you broke even, this usually means that you don't owe anything and you are not getting anything back.

There is what is known as a net operating loss carryover that you may be entitled to that could help reduce next year's possible taxable income since your losses are so much greater than your income.

For more information see Pub 536, Net Operating Losses (NOLs) for Individuals, Estates and Trusts



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