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Some tax help maybe ?
Posted on 12/15/18 at 11:53 am
Posted on 12/15/18 at 11:53 am
I work as a 1099 Contract guy on straight commissions. Last year, I had expenses on behalf of a client, but he did not/could not pay me. We have reached an agreement to pay the amounts due entirely in 2019, but I will not be working anymore. How do I offset the earnings in 2019 vs the expenses incurred in 2018 ?
Anyone point me in the right direction to answer this ? I have searched some IRS pubs but did not find a good answer to this specific issue.
Anyone point me in the right direction to answer this ? I have searched some IRS pubs but did not find a good answer to this specific issue.
2
Posted on 12/16/18 at 9:05 am to ArkBengal
If the Schedule C nets a loss in 2018, the loss should carry forward to 2019 to help offset the income.
Posted on 12/16/18 at 2:40 pm to tigernnola
Thst might work - thanks
Posted on 12/17/18 at 9:29 am to ArkBengal
I'm assuming you file Sch C, which for most individuals is on the cash basis.
You would deduct it in 2018, and pick up income in 2019.
Another option you could try (I would not reccommend) is to not deduct anything in 2018, and not report the income in 2019. However, if the client sends you a 1099 for the reimbursement, it's going to cause a mess.
You would deduct it in 2018, and pick up income in 2019.
Another option you could try (I would not reccommend) is to not deduct anything in 2018, and not report the income in 2019. However, if the client sends you a 1099 for the reimbursement, it's going to cause a mess.
Posted on 12/17/18 at 11:54 am to LSUFanHouston
Will the loss carry forward to 2018 as OP suggested ? If so, that might solve the problem. Although the loss would reduce 2017 income ??? Or would any excess over revenue just carry forward. Yes on Sch C
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