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| On Jan 21, 5:34 pm, "alla...[at]gmail.com" <alla...[at]gmail.com> wrote: - quote - > I did a significant amount of freelance work for a startup business > that failed before they were able to pay me. Is there an way to deduct > that loss from my self-employment taxes? > Thanks > -Allan > -- If you never reported the income, you have no loss to deduct. However, you can still deduct your expenses. ___________________________________ <<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <----- "This written advice was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer." (The foregoing legend has been affixed pursuant to U.S. Treasury Regulations governing tax practice.) The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| Harlan Lunsford wrote: - quote - > allanca[at]gmail.com wrote:
Right -- but of course, he can deduct his business expenses.> > I did a significant amount of freelance work for a startup business > > that failed before they were able to pay me. Is there an way to deduct > > that loss from my self-employment taxes? > > > Thanks > > -Allan > > Just don't worry about it. If they didn't pay you, you have no income > to report, i.e there IS no tax loss. > ChEAr$, > Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| allanca[at]gmail.com wrote: - quote - > I did a significant amount of freelance work for a startup business
to report, i.e there IS no tax loss.> that failed before they were able to pay me. Is there an way to deduct > that loss from my self-employment taxes? > Thanks > -Allan Just don't worry about it. If they didn't pay you, you have no income ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| I did a significant amount of freelance work for a startup business that failed before they were able to pay me. Is there an way to deduct that loss from my self-employment taxes? Thanks -Allan -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| business, failed, losses |
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