How To Write Off Bad Debts Legally

Watch This Video And Discover How To Write Off Debts Without Being Fined $200,000.00!

Here’s with a powerful tip that could literally save you $200,000.

In my dealings with business owners the vast majority of them have at some stage thrown in the towel and actually written off an overdue account.

But unbeknown to them, by doing so they’ve put their business at serious risk of being shut down.

You see, to legally write off a debt and claim it against your taxable income it is a legal requirement that you must first have an external debt collection agency attempt to recover that debt on your behalf. If you don’t engage the services of a debt collection agency before you write off a debt with the IRD and you subsequently get audited you will be liable to pay a fine of up to $200,000.

Now I don’t know that much about your business but I don’t know of too many businesses that could cop a $200,000 whack and live to tell the tale. No matter how you look at it, that’s a huge amount of money to lose just for the sake of trying to save a few bob on debt collection fees.

So if you’re thinking of writing off any debts but haven’t engaged the services of a debt collection agency my sincere advice to you is to ask yourself is saving yourself a few measly dollars really worth risking your entire business and livelihood over? Of course it isn’t.

Oh and while we’re talking about written off debts it reminds me, if you’ve got debts that you’ve written off within the past 5 years click on the orange button below to watch my video entitled Insider Secrets To Affordably Recover Your Written Off Debts. With this information you could experience a sudden surge of cash flooding in to your business from a most unlikely source. If you’ve ever written off a debt, check it out.