The actual subject of your article isn't really that important in a way as the chances are there are people out there who will be interested in what you're writing about. Yes I know that assumption or guess is hardly rocket science but when it comes to writing your articles you have to remember that the most important thing is the content. Well my friends I'm going to take a stab in the dark here and say the main reason for you reading something on a regular basis is because what is being said is of interest to you.
If you failed to claim such losses as a tax deduction during your last three tax filing years, you should file amended tax returns to get a refund. Small businesses suffer all to often from uncollected receivables.
The IRS does not consider the expenditure of time and effort to be a sustained economic loss. Unfortunately, there is almost no way to claim a loss if you provide hourly services and use a cash accounting method. The manufacturer can show a real loss if the retailer files bankruptcy. A classic example of such a situation would be a manufacturer that provides products to retailers on credit. The Tax Code defines the loss as an amount that is included in your books as income, but is never collected. While proving that you suffered a loss may sound like the easiest requirement to meet, the issue is a bit more complicated.
A clear example where you would meet this requirement is if the debtor filed bankruptcy. You must also show that you took reasonable steps to collect the receivables, but you are not necessarily required to go to court to meet this requirement. A small business is required to show that the debt has become both worthless and will remain so. Proving receivables are worthless is slightly more complex. If you are not putting your business relationships in writing, you should begin doing so immediately. Most businesses issue invoices or sign contracts with debtors and these documents suffice to prove the legal relationship. You must simply show that the debtor has a legal obligation to make a payment. Proving there is a legal relationship between the small business and debtor is fairly simple. The small business suffered an actual loss. The existence of a legal relationship between the small business and debtor B. To claim such a tax deduction, the following must be shown: A. Bad Debt Tax Deduction A small business can write-off bad debt losses if it meets nominal requirements.
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