Small Business Tax Deduction - Write-Off Bad Debts

Written by Richard A. Chapo

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 fromrepparttar 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,repparttar 149623 following must be shown:

A. The existence of a legal relationship betweenrepparttar 149624 small business and debtor;

B. The receivables are worthless; and

C. The small business suffered an actual loss.

Proving there is a legal relationship betweenrepparttar 149625 small business and debtor is fairly simple. You must simply show thatrepparttar 149626 debtor has a legal obligation to make a payment. Most businesses issue invoices or sign contracts with debtors and these documents suffice to proverepparttar 149627 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 thatrepparttar 149628 debt has become both worthless and will remain so. You must also show that you took reasonable steps to collectrepparttar 149629 receivables, but you are not necessarily required to go to court to meet this requirement. A clear example where you would meet this requirement is ifrepparttar 149630 debtor filed bankruptcy.

Mindfulness and Work: Is the Juice Worth the Squeeze?

Written by Maya Talisman Frost

One ofrepparttar beauties of mindfulness is that it invites you to appreciate what you have all around you. People. Nature. Creativity.

The quirky part is that nonjudgmental awareness can help you see what you value most. Even if you’re fully present and observing your thoughts andrepparttar 149622 world without sorting everything into “good” and “bad” piles, human nature dictates that we seek pleasure and avoid pain. When we’re really paying attention, we can see that we tend to gravitate toward situations that bring about a greater sense of connection and comfort.

Here’s where it gets tricky. You see, we often jump into activities with a long-range goal of creating comfort, butrepparttar 149623 process of working (the squeeze) becomes a habitual pattern andrepparttar 149624 goodies atrepparttar 149625 end (the juice) are never really evaluated in terms of what it takes to get them.

Despiterepparttar 149626 bumper sticker wisdom that tells us “The best things in life aren’t things,” it’s not always easy to find support for this inrepparttar 149627 Real World. We get caught up inrepparttar 149628 quest for stuff, and before you know it, we’re having another garage sale on our day off.

Once we recognize what matters most, we can spend more time living and less time earning a living. Mark Henricks, a prolific business writer and author ofrepparttar 149629 book, Not Just a Living: The Complete Guide to Creating a Business that Gives You a Life, suggests that instead of chasing growth in our companies and excess in our closets, we might consider being intentional about what we want--and what we don't want.

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