meaning of carryover

carryover meaning in Legal Dictionary

n. in taxation accounting, utilizing a tax year's deductions, company losses or credits to apply carefully to the following year's taxation go back to reduce the taxation responsibility.

carryover meaning in Business Dictionary

to modify an amount against succeeding quantities, or to move it to an after that line, page, or period. A loss suffered in the current duration, for instance, might be set off against (carried to) a forward-period income for taxation purposes. See also carryback.