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The short answer is yes...a business loss is deductible. BUT the method the IRS allows to determine when the loss is realized is normally different than or financial accounting. Basically, financil insists it be taken early, even with estimates. IRS requires it be very well dead and gone if you will, with no hope of recovery and the specific amount known.
What else can I help you with?
Can you write off credit card wage garnishment payments on your taxes?
You cannot write off credit card wage garnishment payments on your taxes. It is best not to get into a situation where your wages are being garnished.
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
How do you write off charity donations on your taxes?
If you would like to write off charity donations on your taxes be sure you have all receipts and a flawless record of your donations. When you file your taxes itemize the deductions on the appropriate page. If you are unsure how to fill out a tax form get help from a tax professional.
Can I write-off a records storage company as part of the cost to my business on my taxes?
Storage costs related to your business can be written off on your taxes. Storage costs include fees paid to storage services and companies.
Can i write off real estate taxes on rental property?
Yes, you can write off real estate taxes on rental property as a deductible expense on your tax return. These taxes can be deducted from your rental income, reducing your overall taxable income. To qualify, the property must be used for rental purposes, and you should keep accurate records of the taxes paid. Always consult a tax professional for specific advice related to your situation.
Can I write off a junk car donation on my taxes?
You can write off almost any donation on your taxes. Junk car donation is also something that you can write off.
How much daycare expenses can you write off on your taxes?
You can write off up to 3,000 per child for daycare expenses on your taxes.
Can you write off funeral expenses on your taxes?
No
Can you write off gift cards on your taxes?
No, you cannot write off gift cards on your taxes as they are considered a personal expense and not a deductible business expense.
Can I write off gas as a business expense on my taxes?
Yes, you can typically write off gas as a business expense on your taxes if you use your vehicle for business purposes.
Can you write off property taxes in California on your tax return?
Yes, you can write off property taxes in California on your tax return as long as you itemize your deductions.
Can you write off discounts on your taxes?
No, you cannot write off discounts on your taxes. Discounts are not considered taxable income, so they cannot be deducted on your tax return.
Can you write off health insurance premiums on your taxes?
No
Can you write off a trip for business on your taxes?
Yes, you can potentially write off a business trip on your taxes if it is necessary for your work and meets certain criteria set by the IRS.
Can you write off daycare expenses on your taxes?
Yes, you can potentially write off daycare expenses on your taxes as a childcare tax credit or deduction, depending on your income and specific circumstances.
Can you write off the purchase of used equipment on your taxes?
Yes, you can typically write off the purchase of used equipment on your taxes as a business expense, which can help reduce your taxable income.
Can you write off credit card wage garnishment payments on your taxes?
You cannot write off credit card wage garnishment payments on your taxes. It is best not to get into a situation where your wages are being garnished.
