I did a significant amount of freelance work for a startup business that failed before they were able to pay me. Is there an way to deduct that loss from my self-employment taxes?
Thanks
-Allan
I did a significant amount of freelance work for a startup business that failed before they were able to pay me. Is there an way to deduct that loss from my self-employment taxes?
Thanks
-Allan
Just don't worry about it. If they didn't pay you, you have no income to report, i.e there IS no tax loss.
ChEAr$, Harlan Lunsford, EA n LA
Right -- but of course, he can deduct his business expenses.
If you never reported the income, you have no loss to deduct. However, you can still deduct your expenses.
___________________________________
-----> real address on hobokeni or hobokenx
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.