My fee for services is $90.00 an hour (therapy hour) . Many of the contracts (insurances etc) I receive pay $60.00 an hour . Can I deduct the difference ($30.00) for every hour that was not paid in full.
2007-03-15 07:35:13 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
no
unless you were accrual basis and had previously recorded it as income, which i doubt
2007-03-15 14:58:52 · answer #1 · answered by Z28_Zeppelin 2 · 0⤊ 0⤋
No, for multiple reasons. First, because the other $30 was never claimed by you as income in the first place. And anyway, you agreed to accept the $60, so for those services, that IS your rate.
2007-03-15 15:57:59 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No.
You can not deduct want you did not receive. On the plus side, you are only taxed on what you receive not what you should have received.
2007-03-15 08:08:18 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋