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Sales Techniques for Artists, Crafters, and Small Merchants
Most merchants today seem to have the attitude that the customer
is best left alone until they are ready to make a purchase.
Perhaps it's because they don't want to seem pushy, or maybe
they don't care if they make a sale, or they just might not...
Small Ads Produce Dynamic Results 4 Steps to Exploding Your Market With Small Ads
Copyright 2005 Cutts Group, llc
Dynamite comes in small packages... or in small ads in the marketing realm. Our natural instincts scream that BIGGER IS BETTER! Is it really true? Sure, the small advertisement doesn’t have the luxury to of listing...
Small Business Strategies - Four Critical Success Factors
Scenario One
During a recent presentation, a business owner was given the following challenge. If 10 of his 100 employees were asked to name the top 3 organizational goals for the current year as they perceived them to be, would he receive the...
Some advantages of owning your own small hotel or guesthouse
Some advantages of owning your own small hotel or
guesthouse by Carolyn Muller
So many people think that buying a small hotel would be a nice
place to retire to. Any hotel owner will probably be struck
dumb, momentarily at least, when...
Strategies For Finding Topics To Write About
What possibly could I have to write about? I never was good at it anyway. It doesn't matter how hard I try, I just sit and stare and stare at a blank screen.
Sound familiar? Don't worry. We all have gone through this. It happens to me...
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Small Business Tax Deduction - Write-Off Bad Debts
Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Bad Debt Tax Deduction
A small business can write-off bad debt losses if it meets nominal requirements. To claim such a tax deduction, the following must be shown:
A. The existence of a legal relationship between the small business and debtor;
B. The receivables are worthless; and
C. The small business suffered an actual loss.
Proving there is a legal relationship between the small business and debtor is fairly simple. You must simply show that the debtor has a legal obligation to make a payment. Most businesses issue invoices or sign contracts with debtors and these documents suffice to prove the legal relationship. If you are not putting your business relationships in writing, you should begin doing so immediately.
Proving receivables are worthless is slightly more complex. A small business is required to show that the debt has become both worthless and will remain so. 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 clear example where
you would meet this requirement is if the debtor filed bankruptcy.
While proving that you suffered a loss may sound like the easiest requirement to meet, the issue is a bit more complicated. The Tax Code defines the loss as an amount that is included in your books as income, but is never collected. A classic example of such a situation would be a manufacturer that provides products to retailers on credit. The manufacturer can show a real loss if the retailer files bankruptcy. Unfortunately, there is almost no way to claim a loss if you provide hourly services and use a cash accounting method. The IRS does not consider the expenditure of time and effort to be a sustained economic loss.
Small businesses suffer all to often from uncollected receivables. 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.
About the Author: Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
Source: www.isnare.com
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United States Small Business Administration |
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