J.K. Lasser Daily Tax Tip |
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Accounts and Notes Receivable
"You may claim a bad debt deduction for accounts and notes receivable on unpaid goods or services only if you have included the amount due as gross income. Thus, if a client or customer fails to pay a bill for services rendered, you do not have a deductible bad debt where you have not reported the amount as income."
Previous Daily Tax Tips:
• 2/5/2012 - Accounts and Notes Receivable
• 2/4/2012 - Selling Before the Security Becomes Worthless
• 2/3/2012 - Refund Deadline for Worthless Stock
• 2/2/2012 - Taxable Boot Received in Exchange
• 2/1/2012 - Transfer of Installment Notes to Former Spouse
• 1/31/2012 - Charging Minimum Interest
• 1/30/2012 - Contingent Sales
• 1/29/2012 - IRS Notice of Related Party Transfer
• 1/28/2012 - Installment Sale to Relative
• 1/27/2012 - Extension of Pledge Rule
The Daily Tax Tip content is provided by America's all-time best selling tax guide, J.K. Lasser's™ Your Income Tax Guide by John Wiley & Sons, Inc. Tax advice provided by The Daily Tax Tip shall not be construed as a substitute for the advice obtained or given by a certified tax professional.
