My accountant told me I could not wright off this type of loss?
-
I have been in business for a few years now and I'm a S CORP. I have had a fee people this year who did not pay me for my services. I have contracts with them for over $5,000. My accountant told me I could not wright off this type of loss, and it part of being in business. Is this true?
-
Answer:
That's correct. You don't get a deduction for income that was never received in the first place. Whatever costs you incurred in this project have already been expensed and that's all the deduction that you get.
Mary at Yahoo! Answers Visit the source
Related Q & A:
- Which MIME type to compress? and what If I omit the `type` attribute from the HTML?Best solution by Webmasters
- When i try to download the new vs. of internet expolorer a pop up came up and told me that i could not. help?Best solution by Yahoo! Answers
- I still dont understand WHERE do I type in the name to visit someones blog I need Details please.Best solution by Yahoo! Answers
- Can I purposely induce memory loss?Best solution by answers.yahoo.com
- I am looking for an excellent type of portable tape recorder than can quickly replay the recording backwards.Best solution by Yahoo! Answers
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.