My husband owns an LLC & works from our home. Can we get a deduction for clients that skip out on paying?


filing on "cash" or "accrual" basis? makes difference on how handle problem.

1. if cash basis, since did not receive cash, not reporting it, no additional deduction appropriate. expenses have incurred deducted paid.

2. if report income on accrual basis, expected income booked , "bad debts" account set skips , discounts.

should call local small business administration , enroll in periodic seminars people starting new businesses. give booklets showing how account income , expenses; how report irs; , programs have available aid new businesses. worth time attend these seminars; think information give out have answered question.

we have had clients skip out on bill , had discount bill make them happy. loss wasn't sure if tax deduction.


Business & Finance Small Business Next



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