"The accumulated deficit is near$8m" that is nothing. In the early stages of a company's growth, it's common for startups to have an accumulated deficit.
An accumulated deficit can have tax benefits for a company. When a company incurs losses and accumulates a deficit, it can use those losses to offset its taxable income in future periods. This process is known as a tax loss carryforward.
Here's how it works:
Tax Loss Carryforward: If a company has accumulated losses and operates in a profitable year, it can use its accumulated deficit to offset the taxable income generated in that year. This can result in lower taxable income and, consequently, lower taxes.
Net Operating Loss (NOL) Carryforward: In the United States, companies can carry forward their net operating losses (NOLs) for a certain number of years to offset future taxable income.
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