network profile
| bio | website | |
|---|---|---|
| location | ||
| age | ||
| visits | member for | 7 months |
| seen | Oct 11 '12 at 15:01 | |
| stats | profile views | 8 |
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Oct 10 |
awarded | Supporter |
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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. |
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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. |
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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. |
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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. |
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Oct 9 |
awarded | Student |
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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. |
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Oct 9 |
asked | Are in-kind donations from my S-Corp tax-deductible in any way? |
