DAVID S. BABOIAN, CPA, PC

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1/23/2016

January 23rd, 2016

Read Now
 
TAX TIP OF THE DAY... deduct loans to friends

Did you loan money to a person who never paid you back?  A BAD DEBT DEDUCTION is available for the tax year that the debt is determined to be uncollectible.  Requirements: 1) You needed to attempt to recover the repayment, otherwise the situation is a non-deductible gift.  2) There needs to be a reason established for the conclusion that the unpaid debt is uncollectible... such as bankruptcy, death, debtor hardship or attorney advising that collecton costs would exceed the unpaid amount.   

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email