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Old 01-22-2008, 11:53 AM
Benjamin Yazersky CPA
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Default Re: Failed business losses

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.


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<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----



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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
  #1  
Old 01-22-2008, 05:42 AM
rlsusenet@NOSPAMPUHLEEZschnapp.org
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Default Re: Failed business losses

Harlan Lunsford wrote:
- quote -

> allanca[at]gmail.com wrote:
> > 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


Right -- but of course, he can deduct his business expenses.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
 
Old 01-21-2008, 10:18 PM
Harlan Lunsford
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Default Re: Failed business losses

allanca[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

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. > << ------------------------------------------------------- >
  #-1  
Old 01-21-2008, 09:34 PM
allanca@gmail.com
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Posts: n/a
Default Failed business losses

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. > << ------------------------------------------------------- >
 

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