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big blue bbq
01-20-2009, 06:25 PM
Question.

Since our new secretary of treasury did not know he had to pay taxes for four years, I have a scary thought.

If you have your BBQ team as a company due to catering gigs and all, can you write off your competition expenses as a promotion charge or just a loss ( sort of like professional gamblers can write off their losses)?

Just thinking out loud again!:oops:

Neal
01-21-2009, 09:57 AM
We write off comp expenses...but also claim winnings as income. Who knew you had to spend so much to make so little. Not exactly a sound business model.

Bentley
01-21-2009, 10:10 AM
We write off comp expenses...but also claim winnings as income. Who knew you had to spend so much to make so little. Not exactly a sound business model.


My team does not cater or vend or have a restaurant, we are hobbist, and we write ours off. But like Neil, I make sure the accouant know about the winnings too.

stlgreg
01-21-2009, 11:13 AM
We write off comp expenses...but also claim winnings as income. Who knew you had to spend so much to make so little. Not exactly a sound business model.

if there is no catering involved, the IRS could declare after so many years of losing money that you have a hobby and you cannot deduct it.

If you are claiming catering and or actually making money with bbq in some fashion you can pretty much deduct all contests stuff including milage and meals

Disclaimer: I only know this because i have run a few home buisnesses and only one has made any money at all. I am not a tax professional.

The_Kapn
01-21-2009, 04:14 PM
Take a lookie here:

http://bbq-brethren.com/forum/showthread.php?t=16750&highlight=taxes

Lots of info that you may find useful.

Good Luck.

TIM