Am I able to deduct a customer discount?

gesmartinx3 · ‎May 31, 2019

For example - An item costs $100. Once a month I discount that item by 20% and the customer only pays $80. Can I deduct the $20 on my taxes?

Lisa995 · ‎May 31, 2019

If you claim the $100 you WOULD HAVE received as income, then you can deduct the $20 discount.

Its more common to report the $80 you received as income.

You cannot report income of $80 and the $20 discount given.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

gesmartinx3 · ‎May 31, 2019

Lisa - I appreciate your quick response! Thanks so much for your assistance.

terpstratree · ‎June 15, 2022

Lisa,

I just want to confirm that there is no benefit (for tax purposes) in tracking discounts?

Robyn

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