August 14, 2018
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 ReadingPolice and paramedics . . . riding together. The cadence reminded me of Bill Murray’s line from Ghostbusters–” . . . dogs and cats living together . . .”–but we’re not facing a disaster of Biblical proportions. …
Read MoreQ: I have a business partner (“John”). He is majority shareholder with a 55/45 split. We act primarily as a subcontractor for a small number of other companies. We do not have an operating agreement. We…
Read MoreIt’s so easy to get sucked into an awkward spot when doing business with friends. It can start out as an exchange of expertise (a barter of the minds, if you will). Add in a…
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