NickfromWI
King of Splices
So if you have a customer NOT pay, people will commonly say "at least you can write it off as a loss!"
What does that actually mean? In accounting you can put something in as an expense, or as income. There isn't another "loss" category.
I've had accountants (plural) tell me that you don't put it as a loss, you just DONT put it as income, which means at the end of the year you won't get charged taxes on that, but that there isn't any sort of secondary bonus deduction that you get to make.
Both arguments make sense. What does the house say?
love
nick
What does that actually mean? In accounting you can put something in as an expense, or as income. There isn't another "loss" category.
I've had accountants (plural) tell me that you don't put it as a loss, you just DONT put it as income, which means at the end of the year you won't get charged taxes on that, but that there isn't any sort of secondary bonus deduction that you get to make.
Both arguments make sense. What does the house say?
love
nick