New secretary of whatever

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.

Neal said:

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.

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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.

Neal said:

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.

Click to expand...

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.

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