writeoff unpaid invoices
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- CX
I have one long outstanding unpaid invoice. Can you write them off on your taxes? I have a tax appt today.
- mrdobolina0
well, if you never got paid for it, you aren't paying taxes on money you never received, ya get meh?
- GreedoLives0
you can declare it as a loss on your schedule c
- toastie0
oh, shit, taxes!!!
- mrdobolina0
ahh gotcha greedo, thats why my best friend is an acct, I guess.
- paulrand0
I think it's just income you didn't get, but not an actual loss
- CX0
I figured it would count as some sort of loss as it was a big waste of time and money. The original bill is a couple years old but 2003 is the year I gave up on it. The creep doesnt have any of the files anyway and I dont want to give them to him.
I figure this is my last chance. It's been kind of a long time for small claims now but I guess that may not matter.?.?
- GreedoLives0
i wish i had an acct friend. i gotta do this crap myself every year.
- CX0
bump. Anyone else know anything?
- CX0
I just talked to the accountant. mrdobolina was right in the beginning. He said the same thing, if you never got paid for it you aren't paying taxes on money you never received. So you can only claim your expenses not paid back by them and it doesn't matter how much time you wasted that you could've been working on other things. It didn't really cost you anything but time.
- mrdobolina0
damn. I am such a dumbass when it comes to tax type questions, but it seemed pretty logical.
- BonSeff0
how about claiming the billable hours you spent on it as an opportunity cost. seems to me you could write it off.
- GreedoLives0
well shit i hope i don't get audited any time soon.
it still doesn't seem right tho
- paulrand0
pretty sure not
- BonSeff0
you guys are totally right. just asked our cfo and he said the only way you could write it off is if you had paid someone to do the work.
which to me is a total pisser because you all know when claiming freelance income you pay the employee and employer taxes.