Deductions
“I lost a significant amount of money to a vendor who scammed my business, how do I claim a casualty or theft loss on my corporate tax return?”
Business losses tied to a vendor scam can raise several tax questions at once, including whether the loss is treated as theft, a bad debt, or an ordinary business deduction on the corporate return. The treatment often depends on how the payment was made, what documentation exists, whether there was a clear intent to defraud, and how the loss was discovered and recorded in the books. The entity type, the timing of the loss, and any insurance or recovery efforts can also affect how the amount is reflected for tax reporting purposes. A CPA who reads your specifics can usually tell you, in plain English, where this lands.
In your 90-minute session, the KGOB advisor handling it will:
- Read your exact situation and tell you, in plain English, what’s actually going on.
- Lay out your options and the trade-offs — no jargon, no judgment.
- Give you a clear next step you can act on, whether that’s with us or on your own.
“I incurred massive personal credit card debt to fund my struggling business, is the crippling interest I pay on those cards tax deductible?”
“Can I deduct my new home office using the actual expense method without immediately triggering a red flag audit from the IRS?”
“I bought a heavy luxury SUV primarily for my real estate business, how does the Section 179 vehicle deduction actually work for passenger vehicles?”
“I use my personal cell phone extensively for my freelance work, what exact percentage of my monthly phone bill is safe to write off?”
This page is a prompt to start a conversation, not tax or legal advice, and states no tax-law specifics as fact. A consult session does not by itself create an ongoing engagement. We do not promise specific outcomes or savings. Kohari Gonzalez Oneyear & Brown PLLC — Charlotte, NC.
Back to the full library