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Stanka,
According to my accountant, my time is worth nothing (can you imagine that!). Therefore, if I produce a web site and the client never pays me, technically I cannot deduct that as a bad debt. Very interesting, since I have an hourly rate for web design...hmmmm, something in their logic escapes me here.
In another situation, I created a web site gratis for a local portrait society. The letter they gave me stating the value of the donation had to be redone so it said I had donated a web site, rather than that I had donated my services. The web site is considered to have value, but my time is not.
I'm for lobbying to change this one too. I have a number of bad debts that by rights I should be able to write off as a loss and cannot due to this ridiculous interpretation.
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