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Business & farm
No, there is no deduction for income you didn't receive. If you can't collect payment from the massage client, and you are a cash basis taxpayer (almost every individual is), you just don't have that income to report, and you claim all the regular expenses for your business that you incurred for the year. Your only deduction is that you don't have that additional income to report.
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‎June 6, 2019
9:35 AM