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Tax Law (Questions About Taxes)/comm. chargebacks
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Question
I work on 100% comm. And if clients don't make 6 monthly payments I get "charged back" on the money I was already taxed on. Is this tax deductible and if so what form?
Hi,
If the income and the charge back occur in the same year, it would not be deductible. If the income occurs in one year and the charge back in the following year, it would be deductible as an itemized deduction on Schedule A.
Regards,
Carole
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Tax Law (Questions About Taxes)
Answers by Expert:
- Rod Dorothy
- Helen P. O`Planick, EA
- Carole Dunton
- Randall Brody, EA, MBA
- Mike Wellman
- Richard Fritzler
- Vanessa D. Powell, CPA
- MEdusa
- Glenn D Schnabel
- IJ Zemelman, EA MBA
- John L. Tidwell
- John Stancil, CPA
- Neil Johnson (The Tax DudeŽ)
- Adam Shay
- Edward L Parsons CPA
- Bruce W. Tyler, EA
- Chea Romine, CPA
- ABRAHAM ITANI, CPA
- WILLIAM D MCCONNAUGHY, CPA
- Jay Allen Finn, CPA
- Mark Trazo, CPA Candidate
- Randall Klein, MBA, EA
Carole Dunton
Expertise
Preparation of individual income tax returns including social security, pensions, lump sum distributions, sale of personal residence, stock and mutual fund sales, distributions from individual retirement accounts, moving expenses and itemized deductions. General knowledge of schedule C for small sole proprietorships. No experience in corporate, estate, partnership or large business returns.
Experience
9 years as tax preparer for major national firm.
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