Gary, the easy way to figure deductions is, you can't deduct anything that isn't an out-of-pocket expense or isn't set up on a depreciation schedule. Deductions are deductions from income based on costs/expenses-outlays figured as a cost of doing business. Lost income is not deductible at any time, but rather impacts your gross or top line.

The good thing about accounting training is, you are expected to understand the process, not just learn the rules by rote.

It's snowing in Lexington today, and people are canceling parties right and left.


Be well and stay warm, everybody!


Russ