Is "insurance write off" the same as "tax write off"?

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amanda parsons

• February 14, 2021 00:11

SP includes a column for "insurance write off," which lists the difference between my billed rate and the negotiated rate.  Does this represent the amount I'm eligible, as an LLC, to write off on my income taxes for that claim?

 

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  Ruth

  • February 23, 2021 22:04

  Hi Amanda, the write-off will not be accounted for as taxable income because you didn't receive that money. 

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  amanda parsons

  • February 24, 2021 14:07

  Thank you, Ruth!

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  Aaron Collins

  • July 14, 2021 20:55

  If you perform a service for someone and you are donating that service, and you are not recieving any cash payment for that service, can you you provide an invoice for tax "write-off"?  It would be same as donating a car that is worth $10,000 dollars and getting a reciept that says you donated it and using it as a tax "write off". We are providing a service that we are not being paid full value for. That should be a tax write off, but I'm not an accountant. Does anyone know if this is making sense? 

   

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