I own a preschool. can i deduct amounts that we were not paid for by the parents?

is bad debt a business deduction

posted

Connect with an expert

1 Best answer

Accepted Solutions

I own a preschool. can i deduct amounts that we were not paid for by the parents?

No, you cannot claim amounts you were not paid, unless you are on an accrual basis and you had already reported the amounts as revenue. Individual taxpayers are on a Cash basis.

View solution in original post

1 Reply

I own a preschool. can i deduct amounts that we were not paid for by the parents?

No, you cannot claim amounts you were not paid, unless you are on an accrual basis and you had already reported the amounts as revenue. Individual taxpayers are on a Cash basis.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post