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Old January 9th, 2005, 12:12 PM   #1
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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.

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Old January 9th, 2005, 05:29 PM   #2
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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.
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