New secretary of whatever

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!

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

Quote:

Originally Posted by Neal

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

Quote:

Originally Posted by Neal

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/showth...ighlight=taxes

Lots of info that you may find useful.

Good Luck.

TIM

01-20-2009, 06:25 PM	#1
big blue bbq Take a breath! Join Date: 12-05-06 Location: Cedar Hill, TN Downloads: 0 Uploads: 0	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

01-21-2009, 09:57 AM	#2
Neal Full Fledged Farker Join Date: 03-31-06 Location: Kansas City Downloads: 0 Uploads: 0	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 *Dodge County Smokers* KCBS CBJ *www.dodgecountysmokers.com* Custom Built Cooker / Weber Kettle /old New Braunfels offset in the backyard

01-21-2009, 04:14 PM	#5
The_Kapn Moderator Emeritus Join Date: 04-08-04 Location: Marianna, FL Downloads: 0 Uploads: 0	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), and the legendary "StudeDera". Now cooking with a FEC100, a Traeger Lil' Tex, and a Fast Eddy PG500 Proud Pellet guy cooking on real wood.