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Doris_CO
Colorado
148 Posts |
 Posted - 12/14/2012 : 11:45:17 AM
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Linda is correct. You can only take a loss if you've claimed the income before you are paid. If you're on a cash basis and claim the income when you receive it, then you can't deduct the loss. However, you should be able to claim your mileage and any other expense, such as toll fees or parking fees, you might have had for that one job. I'm not a tax professional, so check with your tax person on what you can or cannot deduct as an expense.
Doris |
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LindaH
Florida
1754 Posts |
Posted - 12/06/2012 : 07:36:39 AM
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quote:
Originally posted by egw91145
Doris-
You raised an interesting concept -taking a loss on the income tax return for a closing completed but not paid on. Do you know of a way to deduct this from income?
EGW
You can take the loss only if you use the accrual method of bookkeeping, in which you account for the fees when they're earned. If you use the cash method, which most of us do, then you only count the fees when they're paid. If using the cash method, you can't take the non-payment as a loss because, obviously, you can't claim a loss on something you never had.
Linda
http://www.columbiacountynotary.webs.com |
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egw91145
Florida
62 Posts |
Posted - 12/06/2012 : 07:27:06 AM
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Doris-
You raised an interesting concept -taking a loss on the income tax return for a closing completed but not paid on. Do you know of a way to deduct this from income?
EGW |
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Doris_CO
Colorado
148 Posts |
Posted - 12/02/2012 : 7:19:05 PM
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These comments were posted on the "Signing Companies" part of this forum. Shannon Smoot was Safir's assistant and she seems to be following in his footsteps. Or, maybe they actually are working together.
Precise and Safir signing are one and the same.
Horrible company to work for...
I keep them in my contact list so I NEVER answer their calls by mistake. Plan on eating that one as a life lesson and loss on your income tax!
Posted by 17336 on 11-10-12
"Precise Signings - Shannon Smoot 410-627-2771 has NOT paid in 90 days. They won't answer their phone....goes directly to Voice Mail where you can't leave messages because the mail box is FULL. They don't reply to either email address and the credit union they had me do the signing for doesn't seem to care. Just thought I'd pass on this information so other Notaries can be aware of their practices."
Posted by Montanareno on 9-17-2012
Doris |
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jeb
Maryland
10 Posts |
Posted - 12/02/2012 : 5:22:36 PM
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I heard that Safir Signing Agents has gone bankrupt. The owner was a terrible book keeper. He owrs me $ for a bunch of Closings 3m. ago. I'm getting ready to take legal action against him. He says he'll pay his bills eventually.
Konstantine Safir(Kosty)contact @ Safir Signing Agents. He works @ Genuine Title 9722 Groffs Mills DR, Suite 1 Owings Mills, MD 21117. You can also contact the President of Genuine Title. If you send by mail- make sure to send it Regustered, with a copy of your Invoice. Keep good records of all correspondence, & past work. This is fairly close to me in Maryland. I can also pay him a visit. I've met the man once. I hear that he can be rude. he's never been rude to me in my dealings with him on the phone, & e-mail. His business manager has gone out on her own as a broker. I think this hurt him. She was his right hand, & kept things going.
But I will pursue him, & do what I can. It's more difficult when they go bankrupt. But I can sue him in small claims court in Baltimore if I need to. I also have a lawyer friend that can write him a letter. It helps to have a lawyer as a friend. I will be persistent, even if it takes me a year. Once it took him 1 year almost to pay me, but he did. He loses invoices- so always keep a copy. We need to be united, & not let companies rip us off, or if they do- help to put them out of business. This is a very competitive bussiness. They can't afford to lose. Word of mouth is the best advertisement.
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