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visits member for 1 year, 6 months
seen Oct 11 '12 at 15:01

Oct
10
awarded  Supporter
Oct
10
comment Are in-kind donations from my S-Corp tax-deductible in any way?
I think you're right that a website would probably be considered a service.. I thought of an analogy -- if you hired a carpenter to build some custom cabinets in your kitchen, I think the carpentry work would be considered a service rather than a product being sold, even though it is tangible. Would you agree? Rather unfortunate that in terms of deductions, the IRS devalues things that are bespoke or custom made.
Oct
10
comment Are in-kind donations from my S-Corp tax-deductible in any way?
Hmm, your elaboration is interesting. I do believe I could count it as advertising because I build film festival websites, and I am primarily providing sponsorship in order to gain exposure for my new business to other festivals. However, like I said, the advertising I get is not equal in value to the value of the website they're getting, so I wouldn't consider it the same thing as purchasing advertising. I think in general though, you were right in the first place, I would need to contact an accountant to get a definitive answer.
Oct
10
comment Are in-kind donations from my S-Corp tax-deductible in any way?
Yes, that makes sense to me. I read some more and I think discounts are deductible, but either I could report $100/hour income and then report a $25 donation, or I could report $75/hour income -- the result would be the same, and the latter is simpler.
Oct
9
comment Are in-kind donations from my S-Corp tax-deductible in any way?
I was thinking I could book it as an advertising expense, but I didn't spend cash, so I'm not sure how the law would apply to in-kind trade for advertising, though trust me, the value of the advertising I receive is far less than the value of the service I'm providing. I'm guessing I can't deduct.
Oct
9
awarded  Student
Oct
9
comment Are in-kind donations from my S-Corp tax-deductible in any way?
Cheers, I would love to hire a tax professional, but am completely broke and trying to do it on my own this year.
Oct
9
asked Are in-kind donations from my S-Corp tax-deductible in any way?