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Get your taxes done using TurboTax
You can't report the discount as an expense against income because you never reported the income. If you booked $300 of revenue, you could then deduct the $30 discount as an expense. But since you only book $270 of income, you can't take another deduction for the discount.
You pay income tax on your actual income. Since the discount was never income, you are already not taxed on it.
You pay income tax on your actual income. Since the discount was never income, you are already not taxed on it.
‎June 4, 2019
1:05 PM