Created: Wednesday, October 30, 2019
Business owners, your bad debts may be deductible
Business owners who hold a business-related debt that’s become worthless or uncollectible may be able to claim a “bad debt” deduction. But there are a few hoops to jump through and not all debts are eligible. This article examines those hoops and touches on the accounting concept of “charge-offs” when it comes to business bad debts.