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carryforward

[ kar-ee-fawr-werd ]
/ ˈkær iˈfɔr wərd /
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noun
(in U.S. income-tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two subsequent years, chiefly in order to ease the tax burden.
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Origin of carryforward

First recorded in 1895–1900; noun use of verb phrase carry forward
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

British Dictionary definitions for carryforward

carry forward

verb (tr, adverb)
accounting to transfer (a balance) to the next page, column, etc
Also called (in Britain and certain other countries): carry over tax accounting to apply (a legally permitted credit, esp an operating loss) to the taxable income of following years to ease the overall tax burden
noun carry-forward
Also called: carry-over tax accounting an amount carried forward
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Other Idioms and Phrases with carryforward

carry forward

1

Also, carry over. Transfer a bookkeeping entry to the next column, page, another account, or the next accounting period, as in Let's carry forward this loss to the next quarter for a saving in taxes, or She made an error in carrying over this column. The first term dates from the first half of the 1800s; the variant dates from the mid-1700s.

2

Make progress in, advance, as in His successor hoped to carry forward his work. Also see carry on.

The American Heritage® Idioms Dictionary Copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
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