Go Back   tanTALK - Tanning Salon Business Owners Community > TanTalk Central > General Tanning Industry Discussions

General Tanning Industry Discussions Tanning Salon Owners and Professionals in The Tanning Industry Discuss a wide Variety of Topics.

Reply
 
LinkBack Thread Tools
Old 07-13-2011, 01:08 PM   #1 (permalink)
 
Join Date: Aug 12 2009
Location: la
Posts: 21
Rep Power: 0 Kterry is on a distinguished road
Question Just a question about taxes: NOT TAN TAX...

I am not certain if I am wording this correctly. But, where is everyone taking their promotional tans, along with goods and services that were discounted on their tax returns.
If you didn't take the deduction, what was your reasoning?
If you did take the deduction, where did you take it?
I'm using Helios, so it is very apparent how many promotional tans and services we discounted and for what reason.
It there an industry related book out there somewhere explaining this?
Please let me know.
Thanks,
Kterry is offline   Reply With Quote
Old 07-13-2011, 09:28 PM   #2 (permalink)
Ken
 
Join Date: Nov 21 2000
Location: Midwest
Posts: 198
Rep Power: 24 Ken is on a distinguished road
Re: Just a question about taxes: NOT TAN TAX...

Quote:
Originally Posted by Kterry View Post
I am not certain if I am wording this correctly. But, where is everyone taking their promotional tans, along with goods and services that were discounted on their tax returns.
If you didn't take the deduction, what was your reasoning?
If you did take the deduction, where did you take it?
I'm using Helios, so it is very apparent how many promotional tans and services we discounted and for what reason.
It there an industry related book out there somewhere explaining this?
Please let me know.
Thanks,
Kterry, you deduct your costs, i.e. electric, wages, insurance, depreciation, etc. There is no deduction for providing a free or discounted tan, your costs for doing so are already in your other deductions. Think of it this way: the IRS isn't stupid, if there was a deduction for giving away a tan then everyone would say "I gave away $100,000.00 (or whatever amount you want) worth of tans last year and they would pay no tax.

If you gave away a bottle of lotion, the cost of that lotion should already be in your cost of goods sold deduction (you paid x to a supplier). You can't say I bought the lotion for $25, priced it at $50 retail, gave it away so therefor I should deduct $50. You already deducted the cost.
Ken is offline   Reply With Quote
Reply

Bookmarks

Tags
promotional give a ways , taxes



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
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
Trackbacks are On
Pingbacks are On
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes and Tantrack Shantilly Technology Forum 5 04-19-2006 03:22 PM
TAXES!!! SunshineTans Tanning Salon Management 9 02-09-2006 07:31 AM
taxes timetotann Tanning Salon Management 18 12-13-2004 11:35 AM
Taxes Foxy Tanning Salon Management 7 09-14-2004 07:37 PM


All times are GMT -5. The time now is 10:50 AM.


Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0
Copyright 2009 - tanTALK.com

click here for advertising info!