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Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind. |
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04-05-2012, 04:44 PM | #1 |
Take a breath!
Join Date: 09-07-11
Location: Grain Valley, MO via Big Sky country
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Do you do comp and have cater business?
Do you have a catering business and use the same business name as your team name for comp bbq? Since you are representing your company at the comp are you allowed to write off what you buy/use at the comp on your business taxes?
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18.5 & 22.5 WSM-Weber one touch. Cyber Q Wi-Fi. Head cook Thick and Thin BBQ |
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04-05-2012, 04:51 PM | #2 | |
somebody shut me the fark up.
Join Date: 05-03-06
Location: Ventura, CA
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My tax professional has told me to write off my comp expenditures. If it does not work, I will let you know
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Peace and Smoke, BBS Powered by the West Coast Offense: Big Poppa Smokers and Simply Marvelous BBQ - "Walk with Us" My weapons: Humphrey's Smokers |
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04-05-2012, 05:45 PM | #3 |
Full Fledged Farker
Join Date: 08-10-10
Location: Superior CO
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Yes and Yes...
The way my accountant explained it to me is you have seven years to make money if you dont the IRS will consider it a hobby and not a for profit business, thus not allowing you to deduct things like trailers, pits, supplies, freezers, refrigerators etc. Last year was my first full year and my accountant allowed me to deduct all the things mentioned above.
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BGE XL Gateway Drum FEC-100 Memphis Pro Gasser Weber 22 CBJ #52802 Learn easy and effective tricks on the grill and smoker at my you tube channel: [URL="https://www.youtube.com/user/BBQGQue"]https://www.youtube.com/user/BBQGQue[/URL] |
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04-05-2012, 05:50 PM | #4 | |
is one Smokin' Farker
Join Date: 01-29-06
Location: East Norriton,Pa.
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Quote:
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John, Butt Head BBQ Team- No IQ required meadow creek ts250- w/ 42 chicken cooker |
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04-05-2012, 06:18 PM | #5 |
is Blowin Smoke!
Join Date: 08-17-06
Location: Washington, Missouri
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Yes. What BBS says. So says my tax pro as well.
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[CENTER][B][/B] [/CENTER] [CENTER][B][I][B]KCBS #13207[/B][/I][/B][/CENTER] [CENTER][B][I]2013 Insane Can Posse [/I][I]Tour [/I][/B][/CENTER] [CENTER][I]Sponsored By: [/I][/CENTER] [CENTER][B][I]Gateway BBQ Store[/I][/B][/CENTER] [CENTER][B][I]Blues Hog BBQ Company[/I][/B][/CENTER] [CENTER][B][I]Plowboys BBQ Company[/I][/B][/CENTER] |
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04-05-2012, 06:55 PM | #6 |
Full Fledged Farker
Join Date: 03-29-11
Location: Hyannis, MA on Ol'e Cape Cod
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you guys that are set up and deducting comp expenses; are you set ups as LLC or other type of business?
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[U]The Basic BBQ Team[/U] FEC100 Basic Blue Gateway Drum Smoker Yoder YS640 & Traeger Texas 075 26.75 Weber OTG & 22.5 WSM Camp Chef Pro 60 Wicked Pissah Super Fast Basic Blue Thermapen 30' Puma Palomino Toyhauler & 10' SGC Cargo Trailer. NEBS, KCBS, KCBS CBJ, KCBS CTC, ICP "Rub Some Sunshine on Your Face"--Richard Pryor |
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04-05-2012, 08:21 PM | #7 |
Full Fledged Farker
Join Date: 09-20-05
Location: Jacksonville,IL
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But, if they declare it a non-profit business they can go in reverse and then you cant declare it as an expense
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Randy Twyford Twyford BBQ & Catering Ole Hickory CTO Backwoods Fatboy Large Big Green Egg [URL="http://www.twyfordbbq.com"]www.twyfordbbq.com[/URL] |
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Thanks from:---> |
04-05-2012, 09:17 PM | #8 |
is Blowin Smoke!
Join Date: 08-17-06
Location: Washington, Missouri
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We are a profitable catering business with sales in the $000,000's and tax exempt purchases that run around 40% of sales, more or less. You do need to be cognisant that your marketing / comp expenses as a percentage of total sales don't raise any red flags. We are also blessed to have a few sponsors, so we include that and winnings as contest income. For ease of record keeping, get yourself 1 credit card and use it for everything business related and nothing else. Pay it off every month. I do know those that use CASH for everything (I'm not one of them), but then that makes this whole dissertation a moot point.
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[CENTER][B][/B] [/CENTER] [CENTER][B][I][B]KCBS #13207[/B][/I][/B][/CENTER] [CENTER][B][I]2013 Insane Can Posse [/I][I]Tour [/I][/B][/CENTER] [CENTER][I]Sponsored By: [/I][/CENTER] [CENTER][B][I]Gateway BBQ Store[/I][/B][/CENTER] [CENTER][B][I]Blues Hog BBQ Company[/I][/B][/CENTER] [CENTER][B][I]Plowboys BBQ Company[/I][/B][/CENTER] |
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04-06-2012, 09:02 AM | #9 | |
somebody shut me the fark up.
Join Date: 06-05-09
Location: Mooresville, IN
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[COLOR="Blue"][B]"Oh, I don’t reject Christ. I love Christ. It’s just that so many of you Christians are so unlike Christ." -Mahatma Gandhi[/B][/COLOR] |
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04-06-2012, 10:20 AM | #10 |
is one Smokin' Farker
Join Date: 06-27-10
Location: Louisville, KY
Name/Nickname : Drew
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Basically if you don't claim a profit after the first 7 years are up the IRS will declare your "business" a hobby and stop allowing you to deduct things on your taxes on year 8 and up.
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www.ilovemeat.com |
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04-06-2012, 11:02 AM | #11 |
Full Fledged Farker
Join Date: 08-10-10
Location: Superior CO
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Correct - he explained this is very common with horses - People will buy horses and spend hundreds of thousands of dollars on them and they will try to race them every now and then to use it as a business expense - the IRS set that guideline to create a point where you can no longer allow the deductions.
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BGE XL Gateway Drum FEC-100 Memphis Pro Gasser Weber 22 CBJ #52802 Learn easy and effective tricks on the grill and smoker at my you tube channel: [URL="https://www.youtube.com/user/BBQGQue"]https://www.youtube.com/user/BBQGQue[/URL] Last edited by GQue; 04-06-2012 at 11:03 AM.. Reason: hooked on phonics didnt work for me |
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04-06-2012, 11:21 AM | #12 |
is One Chatty Farker
Join Date: 01-11-08
Location: Nashville
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Does any one do this with a pure comp team, no catering business? My understanding is that as a hobby, you can deduct only as much as your revenue or income, but as a business, you can deduct losses above your income within the timelines mentioned above. Deducting all expenses would be great, but since I don't really cater, I wonder how legal that would be.
dmp |
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