Take a look at tax deductions that might boost cash on hand

In these uncertain times, many companies are looking for ways to boost cash on hand.

Sometimes, cash flow can be improved by doing something counterintuitive: filing your taxes.

Many companies will want to consider a net-operating-loss carryback this year, said Dan Kielek, a certified public accountant and partner at Clifton Gunderson LLP in Broomfield. It allows companies that posted a loss in the most recent tax year to reduce taxes paid in previous years, usually resulting in a refund.

Profitable companies should research whatever deductions might be available to them, such as a section 179 deduction, Kielek said. This allows them to deduct the cost of new assets as an expense in the first year, instead of depreciating the asset for a number of years.