Tax Advisor’s – Answer Tax Question Of The Week!

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Tax Advisors- Your Thoughts On This Question Are Appreciated

Taxpayer Question: I invested about 250 hours on a project that did not pan out and this had a huge impact on my bottom line in 2015.

For a consultant who charges an hourly rate and working as a sole proprietor, can I take a loss for work done on a project that was rejected by the client? 

Every Friday, TaxConnections addresses a question submitted to our Ask Tax Questions Platform. We ask our members to offer their thoughts on this question for the week. We realize you may need more information which you can request in the comments section below, or reach taxpayer privately as a TaxConnections Member. 

Please Make Comments Below Or Join TaxConnections And Communicate With This Taxpayer Directly And Privately

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