>Small Business Tax Deduction - Write-Off Bad Debts Posted by nick_niesen on November 8th Cheap Nike Air Force 1 Wholesale , 2010
Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Bad Debt Tax Deduction
A small business can write-off bad debt losses if it meets nominal requirements. To claim such a tax deduction, the following must be shown:
A. The existence of a legal relationship between the small business and debtor;
B. The receivables are worthless; and
C. The small business suffered an actual loss.
Proving there is a legal relationship between the small business and debtor is fairly simple. You must simply show that the debtor has a legal obligation to make a payment. Most businesses issue invoices or sign contracts with debtors and these documents suffice to prove the legal relationship. If you are not putting your business relationships in writing, you should begin doing so immediately.
Proving receivables are worthless is slightly more complex. A small business is required to show that the debt has become both worthless and will remain so. You must also show that you took reasonable steps to collect the receivables Cheap Nike Air Force 1 China , but you are not necessarily required to go to court to meet this requirement. A clear example where you would meet this requirement is if the debtor filed bankruptcy.
While proving that you suffered a loss may sound like the easiest requirement to meet, the issue is a bit more complicated. The Tax Code defines the loss as an amount that is included in your books as income, but is never collected. A classic example of such a situation would be a manufacturer that provides products to retailers on credit. The manufacturer can show a real loss if the retailer files bankruptcy. Unfortunately, there is almost no way to claim a loss if you provide hourly services and use a cash accounting method. The IRS does not consider the expenditure of time and effort to be a sustained economic loss.
Small businesses suffer all to often from uncollected receivables. If you failed to claim such losses as a tax deduction during your last three tax filing years, you should file amended tax returns to get a refund.
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There are signs that we're moving toward a more enlightened age in which ALL parents play their part.
But in the meantime, let's concentrate on some help for tired moms.
Apparently the number one question mothers ask their doctors is, "How can I get more energy?"
Fatigue is a serious problem when it robs us of our happiness, our sense of balance, and even our effective parenting skills.
So what's the answer?
Ironically Cheap Nike Air Force 1 Jester , the best way to overcome the energy crisis is to first of all spend just a little bit more time and energy. But hang in there! It will pay great dividends in a short time.
The first area to tackle is managing the household. Too many mothers do too much work.
And that's not fair!
Divide up the chores so that everyone pulls their weight. Even young kids can be involved.
I know of one family who have a game of 'Lorries' (or 'Trucks') when the rooms need tidied. Mum is the boss. She lines the kids up and 'loads' them with toys, books, magazines, the ironing - whatever needs to be tidied - and the kids are then 'dispatched' to make their deliveries. Yes, a bit of training may be required - especially on how to carry and put away newly ironed clothes! - but with practice and perseverance kids can learn.
A chart can record contributions Cheap Nike Air Force 1 Swoosh Pack , with the promise of a reward at the end of the week. A trip to the cinema, the swimming pool or ice-skating, a special treat at dinner - it doesn't matter, so long as you honour the commitments made!
With the household chores now being managed effectively, the next step is to build in some QRT - Quality Recovery Time.
Insist on it. Demand it! Yell from the rooftops if necessary Cheap Nike Air Force 1 Sage , but make sure you get your entitled share of time-out.
And it must suit YOU. What's good for one person won't necessarily suit another. To my wife, for example, the T in RT stands for Retail Therapy. Shopping malls are just not my scene, so to me it stands for Torture!
Individual time-out, then Cheap Nike Air Force 1 , means doing whatever is important to you. Many women like to have a 'general pampering' session, ranging from a bath with scented candles and soft music to working out at the gym.
So where does the time for these individual sessions come from?
This is when you call on partners, extended family or friends. Sharing the kids' supervision with trusted friends is a great idea. You take their kids with yours on an outing one time, and they take yours the next. This frees up time for individual relaxation, or gives you and your spouse or partner a chance to relax away from it all.
So - get organised. Run your household with a clearly defined routine.
Have family outings andor activities where you all relax and enjoy each other as a family unit.
Call on family or friends to share the load http://www.cheapairforce1sale.us/ , and enjoy some well-deserved time-out with your spouse or partner, AND build in some personal QRT when you do what suits you and ONLY you.
If your lifestyle follows this pattern, your energy levels will take care of themselves.
Happy parenting!
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09.11.2019 06:40
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