Taxes - How Do I Claim Pomotional Expenses at DVinfo.net

Lamar Lamb · January 9th, 2005, 01:12 PM

2004 was my first year doing this and I am not sure how or if I can claim items I did as promotions and donations. I did a United Way video as a charity and two weddings for free to promote my business. What is the best way to claim these on taxes.

Thanks,

Bob Costa · January 9th, 2005, 06:29 PM

Get an accountant AND a good book on taxes. Not having one will cost you alot of money in things you miss.

You can deduct actual out-of-pocket expenses, like mileage to go to a meeting, costs of tape, DVD's etc. You get NO deduction for your time value or anything that was not a cash-out expense. For me, I just leave them in the cost of supplies and such, and my life is a lot simpler. No real difference on the bottom line.

January 9th, 2005, 01:12 PM	#1
Lamar Lamb Regular Crew Join Date: Jul 2004 Location: Baxley, Georgia Posts: 103	Taxes - How Do I Claim Pomotional Expenses 2004 was my first year doing this and I am not sure how or if I can claim items I did as promotions and donations. I did a United Way video as a charity and two weddings for free to promote my business. What is the best way to claim these on taxes. Thanks, __________________ Lamar

January 9th, 2005, 06:29 PM	#2
Bob Costa Major Player Join Date: Nov 2004 Location: Venice, FL Posts: 850	Get an accountant AND a good book on taxes. Not having one will cost you alot of money in things you miss. You can deduct actual out-of-pocket expenses, like mileage to go to a meeting, costs of tape, DVD's etc. You get NO deduction for your time value or anything that was not a cash-out expense. For me, I just leave them in the cost of supplies and such, and my life is a lot simpler. No real difference on the bottom line. __________________ You are either growing or dying.