ブタ
The BBQ BRETHREN FORUMS.


Forum Portal Recipes Smoke Signals Magazine Welocme Merchandise Associations Purchase Subscription Brethren Banners
Go Back   The BBQ BRETHREN FORUMS. > Discussion Area > Competition BBQ

Notices

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.


Reply
Thread Tools
Unread 01-20-2009, 06:25 PM   #1
big blue bbq
Take a breath!
 
big blue bbq's Avatar
 
Join Date: 12-05-06
Location: Pleasant View, TN
Downloads: 0
Uploads: 0
Default New secretary of whatever

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!
__________________
Larry,
Big Blue BBQ

WSM 22.5"
WSM 18"
Traeger 075
Weber one touch gold (blue of course!)
Jack's old south cooker:-P
big blue bbq is offline   Reply With Quote


Unread 01-21-2009, 09:57 AM   #2
Neal
Full Fledged Farker
 
Neal's Avatar
 
Join Date: 03-31-06
Location: Kansas City
Downloads: 0
Uploads: 0
Default

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
[B][I]Dodge County Smokers[/I][/B]
[SIZE=1]KCBS CBJ[/SIZE]
[URL="http://www.dodgecountysmokers.com"][SIZE=1][B][I]www.dodgecountysmokers.com[/I][/B][/SIZE][/URL]

[I][SIZE=1]Custom Built Cooker / [/SIZE][/I][I][SIZE=1]Weber Kettle /[/SIZE][/I][I][SIZE=1]old New Braunfels offset in the backyard[/SIZE][/I]
[I][SIZE=1][/SIZE][/I]
Neal is offline   Reply With Quote


Unread 01-21-2009, 10:10 AM   #3
Bentley
Babbling Farker
 
Bentley's Avatar
 
Join Date: 03-14-07
Location: Culpeper, Virginia
Downloads: 0
Uploads: 0
Default

Quote:
Originally Posted by Neal View Post
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.
__________________
Certified Master Judge #5382


What is best in life? "To crush your BBQ opponents, to see them driven before you, and to hear the lamentations of their women."
Bentley is offline   Reply With Quote


Unread 01-21-2009, 11:13 AM   #4
stlgreg
Take a breath!
 
stlgreg's Avatar
 
Join Date: 03-26-07
Location: St. Louis, MO
Downloads: 0
Uploads: 0
Default

Quote:
Originally Posted by Neal View Post
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.
__________________
KCBS Certified Judge #21812
FEC100
1 UDS Smoker
1 Char Griller w/o side fire box
Hog's Wart School BBQ Team
http://www.bbqsaucereport.com (43 sauces and counting!)
stlgreg is offline   Reply With Quote


Unread 01-21-2009, 04:14 PM   #5
The_Kapn
Moderator Emeritus

 
The_Kapn's Avatar
 
Join Date: 04-08-04
Location: Marianna, FL
Downloads: 0
Uploads: 0
Default

Take a lookie here:

http://bbq-brethren.com/forum/showth...ighlight=taxes

Lots of info that you may find useful.

Good Luck.

TIM
__________________
"Flirtin' with Disaster" BBQ Team (RETIRED)
FBA and KCBS Cook and Judge.
Former owner of a WSM, a Smokey Joe, a Charbroil Commercial gasser (junk), the legendary "StudeDera", a Fast Eddy PG500, and Sherman.
Now cooking with a Yoder YS640
Proud Pellet guy cooking on real wood.
The_Kapn is offline   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Loading



All times are GMT -5. The time now is 05:52 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
vBulletin Optimisation provided by vB Optimise v2.6.0 Beta 4 (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.
2003 -2012 © BBQ-Brethren Inc. All rights reserved. All Content and Flaming Pig Logo are registered and protected under U.S and International Copyright and Trademarks. Content Within this Website Is Property of BBQ Brethren Inc. Reproduction or alteration is strictly prohibited.
no new posts