It's year end and time to write off bad debt, but depending upon which method of accounting you use will determine if you can deduct bad debt. For example, if you use the accrual accounting method, you show income when you bill and not collect payment.
Under the cash accounting method, you can't deduct bad debt because you don't record income until you receive payment. How do you write it off? Only under the accrual method, it is simple. Prepare an accounts receivable aging report (shows how much is owed and for how long). total all the bad debts for the year (only the debts you know you cannot recover) then include the total of the bad debt on your business tax return, usually schedule C.
If you need an infusion of working capital to keep the business operating while you wait for payments to be received, my business loan can provide you with the necessary capital.
Simply contact me directly:
Michael Koprowski
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1-808-259-1635 Direct
1-888-875-8918 Secure Fax
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