Gas deduction

No.

Commuting expenses are the same as if you were working in an office everyday.

 

Roadmedic,

What about money billed but not collected? Deductable?

 

NO! You are already deducting the cost of doing the work when you deduct tires, fuel etc.

What number would you use if you could? The whole amount? Wouldn't that be "double dipping"?

 

You do business as cash basis. You do not recognize income until received.

Therefore no deduction is allowed.

If you are a corporate business under accrual basis you recognize income when billed.


If never paid then a bad debt expense is available.

 

Ok, understood. I was thinking of things I bill my carrier for ( work and hrs, expenses ) that they do not reimburse.

One example comes to mind is demmurge. the rule is 2 hrs free...ok I get that, but I can't ( although I try ) the xtra 7 or 8 or even 14 minutes past the 2 hrs they won't pay me for because it's too small. It adds up.......

 

And again..."What additional costs are being incurred and why aren't they being deducted"? You want to deduct a "hypothetical" number/amount for your perceived "lost oppourtunity" for which there is no deduction.

 

Great theory. But, since you are a cash basis taxpayer, you do not recognize any income till you are paid.

So, what you would have to do is recognize the income to take it as a loss.