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#7
02-25-2005, 02:07 AM
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 Re: somebody didnt pay me...how do I file this Boy...That Sucks! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
02-24-2005, 09:31 AM
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| Re: somebody didnt pay me...how do I file this mcardeiro[at]yahoo.com wrote: - quote - > last year ( 2003 tax season) a company I worked for
Assuming you are a cash basis taxpayer, which most> dissolved owing me $1200. I waited in good faith but here > it is over a year later and no money. My question is, is > this loss tax deductable, and if so, how do I deduct it? individuals are, you have no deduction because you never took the $1,200 into taxable income. Any other expenses you incurred working for this client continue to be deducted on Schedule C in the year paid. If you are an accrual based taxpayer you only have a deduction if, in an earlier year, you recognized $1,200 of taxable income. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
02-24-2005, 09:31 AM
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| Re: somebody didnt pay me...how do I file this mcardeiro[at]yahoo.com wrote: - quote - > I have a regular 40 hour a week job with a w-2. on occasion
if the company "dissolved" why did you wait? You can only> I frelance which generates some 1099's and requires me to > fill out a schedule c. > last year ( 2003 tax season) a company I worked for > dissolved owing me $1200. I waited in good faith but here > it is over a year later and no money. My question is, is > this loss tax deductable, and if so, how do I deduct it? deduct what you put into the work performed (for which you did not get paid). You could also deduct legal fees paid in trying to collect. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
02-24-2005, 09:12 AM
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| Re: somebody didnt pay me...how do I file this It's not income, and it's not a loss. If the ex-company reports it on a 1099, then you may have to write some explanation when filing your 1040 that indicates the money was never actually paid. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
02-24-2005, 08:53 AM
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| Re: somebody didnt pay me...how do I file this "mcardeiro[at]yahoo.com" <mcardeiro[at]yahoo.com> wrote: - quote - > I have a regular 40 hour a week job with a w-2. on occasion
It's not deductible.> I frelance which generates some 1099's and requires me to > fill out a schedule c. > last year ( 2003 tax season) a company I worked for > dissolved owing me $1200. I waited in good faith but here > it is over a year later and no money. My question is, is > this loss tax deductable, and if so, how do I deduct it? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-24-2005, 08:15 AM
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| Re: somebody didnt pay me...how do I file this mcardeiro[at]yahoo.com wrote: - quote - > I have a regular 40 hour a week job with a w-2. on occasion
In short, you don't deduct anything. The very fact you did> I frelance which generates some 1099's and requires me to > fill out a schedule c. > last year ( 2003 tax season) a company I worked for > dissolved owing me $1200. I waited in good faith but here > it is over a year later and no money. My question is, is > this loss tax deductable, and if so, how do I deduct it? not HAVE that income, means you don't pay any tax on it. ChEAr$, Harlan Lunsford, EA n LA Wed 23 Feb 2005 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-24-2005, 07:17 AM
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| Re: somebody didnt pay me...how do I file this - quote - > last year ( 2003 tax season) a company I worked for
Since you didn't get paid, you don't have to declare it as> dissolved owing me $1200. I waited in good faith but here > it is over a year later and no money. My question is, is > this loss tax deductable, and if so, how do I deduct it? income. Since it didn't cost you anything out of pocket, there is also no loss to declare. -- Don EA in Upstate NY << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-24-2005, 07:17 AM
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| Re: somebody didnt pay me...how do I file this <mcardeiro[at]yahoo.com> wrote: - quote - > I have a regular 40 hour a week job with a w-2. on occasion
No deduction unless you're an accrual basis taxpayer and> I frelance which generates some 1099's and requires me to > fill out a schedule c. > last year ( 2003 tax season) a company I worked for > dissolved owing me $1200. I waited in good faith but here > it is over a year later and no money. My question is, is > this loss tax deductable, and if so, how do I deduct it? already declared the income. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-23-2005, 04:33 AM
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| somebody didnt pay me...how do I file this I have a regular 40 hour a week job with a w-2. on occasion I frelance which generates some 1099's and requires me to fill out a schedule c. last year ( 2003 tax season) a company I worked for dissolved owing me $1200. I waited in good faith but here it is over a year later and no money. My question is, is this loss tax deductable, and if so, how do I deduct it? Mike Cardeiro << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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| file, mehow, pay |
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