tax help?

[MrBrian]

my accountant said that if someone fails to pay me, its not a deduction. im hoping this is not true. but, any comments?

[hottshot]

Thats true but it's not income either

[Gemini]

You have to fill out a profit and loss statement and attach it to your 1040. You're a business now. No more 1040ez's etc. lol Your accountant sounds abit odd since they didn't tell you all of that. Get a good one that knows the ropes or you could pay big time. You already have to pay self employment tax and double social security when the net is your source of income. (just like any other self employment)