Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. In contrast, profit driven enterprises often miss opportunities because they are too restrictive out of a fear of bad debt losses.

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Fundera

JANUARY 17, 2020

The IRS requires you to keep records that support the income you received and the deductions that you take. So if you claim a deduction for a training course or a client lunch, the IRS wants you to keep the details of that—they may come asking about it later. . or bad debt deduction. How long to keep it.

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Bad Debt Deductions Insurance Companies Transactions 91

Your Virtual Credit Manager

JUNE 13, 2023

These bad debt losses can put your own business at risk of failure. Make Your Virtual Credit Manager your trusted source for expert advice on Credit & Collection Management Best Practices including credit extension, risk mitigation and debt recovery. Far more damaging is a customer that defaults (never pays).

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Credit and Collections Bad Debt Default Credit Risk 26

Your Virtual Credit Manager

SEPTEMBER 19, 2023

Starting in October, free subscribers will only receive the introductory section of our weekly articles. Plus, you will get full access to our growing archive of over 100 articles! From this conversation, you will learn how perilous the bad debt risk is with this customer, and how urgent your reaction must be.

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Credit and Collections Default Bad Debt Credit Risk 130

Due

DECEMBER 19, 2022

You may or may not agree with these mandatory deductions, but the good news is that there are ways to reduce them. This overall deduction in taxes you owe may be insignificant to some, but when they compound over time, you’ll be surprised about how much money you save. Paying interest on your debt is like throwing money away.

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Medical Billing Deductions Bad Debt 128

Fundera

DECEMBER 29, 2019

In this article, we’ll look at the best ways to write off an invoice in QuickBooks. There are a couple of reasons why you might want to write off an invoice in QuickBooks : Bad debt. Some accountants and bookkeepers will advise you to simply delete bad debt invoices if you are a cash-basis taxpayer.

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Bad Debt Credit and Collections Default Invoice Amount 52

MNS Credit Management Group

DECEMBER 2, 2022

You also need to have this proof for your tax records if you plan to deduct the bad debt from your income. The IRS will seek proof that you looked into all possible options before declaring the debt as a deduction in the case of an audit. People Pay More Quickly. Exporters withhold information or documentation.

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Debt Collections Collector Credit and Collections Bad Debt 52

Due

MARCH 3, 2023

With that said, in this article, we’ll look at 25 ways you’re killing your savings and how to avoid them. Instead, it “simply means that you’re spending less or equal than you’re making each month,” explains Deanna Ritchie in a previous Due article. “As Is there a limit to how much debt one should have?

Credit Scoring 105

Credit Scoring Bankruptcy Medical Billing Brokerages 105

Due

MARCH 3, 2023

With that said, in this article, we’ll look at 25 ways you’re killing your savings and how to avoid them. Instead, it “simply means that you’re spending less or equal than you’re making each month,” explains Deanna Ritchie in a previous Due article. “As Is there a limit to how much debt one should have?

Credit Scoring 64

Credit Scoring Bankruptcy Medical Billing Brokerages 64

Your Virtual Credit Manager

DECEMBER 24, 2024

The only time AR comes to the forefront is when there is economic turmoil and an increased risk of bad debt losses. Editors Note: Normally, the rest of this article would be hidden behind a paywall for our paid subscribers’ exclusive access. Bad debt risk controlled according to your risk appetite.

Credit and Collections 130

Credit and Collections Collector Bad Debt Accounts Receivable (AR) 130

Emagia

DECEMBER 3, 2024

This article delves into the intricacies of writing off AR, exploring its significance, methods, and implications. Tax Implications: Allows businesses to claim deductions for bad debts, potentially reducing taxable income. Accounting Entry: Debit Bad Debt Expense; Credit Accounts Receivable. Generally, no.

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Accounts Receivable (AR) Allowance for Doubtful Accounts Bad Debt Credit and Collections 40