Featured

Writing Off Business Bad Debt

Writing Off Business Bad Debt

By Nina Kaufman, Esq.

It’s been said that “every silver lining has a cloud,” and that certainly applies to having business bad debt. In a number of cases, you can get a tax deduction and write off the bad debt against income. But the fact remains that, to get the write-off, the debt has to be uncollectible. Which means that you’ve lost a paying customer. In addition, there are several things you have to establish before you can legitimately write off the debt: You’ve already declared the income. As noted on BrightHub.com, unless you have already reported or booked the income from the sale (such as if you run your business on an accrual tax-paying basis), you cannot write off the debt. This can be a source of huge frustration for service-based businesses, so speak to your tax advisor about ways to minimize the damage. Your company had a legal relationship with the debtor. How can you show that? According to BadCrediting.com, either by having a written agreement or invoices showing what was provided/owed.   You can’t write off a handshake.…

Continue Reading

Popular

How will you spend the next 30 days?

It’s March 18th, 2020. I don’t know about you, but I’ve had a whole range of feelings about this COVID-19 thing. Not unlike Elisabeth Kubler-Ross’s 5 stages of grief. Denying there’s an issue because hey,…

Read More

Are you collecting all the money you deserve?

For most solo and smallfirm owners earning under $1M, CASH IS KEY. How can you make sure it gets into YOUR bank account as soon as possible? This comes up a lot with my coaching…

Read More

Celebrity Strategic Alliances

Hot off the press — security company and long-time golf supporter ADT announced yesterday that it was forming a strategic alliance with golf legend Greg Norman, a World Golf Hall of Fame member, and winner…

Read More
Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.