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benjamin-a-rouse
New Member

Can I write off senior discounts if I offer them to my customers?

 
1 Best answer

Accepted Solutions
Opus 17
Level 15

Can I write off senior discounts if I offer them to my customers?

No.  You simply have less income to report and pay taxes on because you are selling at a lower price.  It's not an additional deduction or expense.  Just less income.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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6 Replies
SweetieJean
Level 15

Can I write off senior discounts if I offer them to my customers?

and you cannot use TT Free for business or self-employment income.
Critter
Level 15

Can I write off senior discounts if I offer them to my customers?

No you don't write them off ... you will just have less income to report.
benjamin-a-rouse
New Member

Can I write off senior discounts if I offer them to my customers?

Thanks. I will pay for it then.
VolvoGirl
Level 15

Can I write off senior discounts if I offer them to my customers?

There is one way you can write it off.  If you entered the full amount before the discount as income, then you can deduct the discount under Advertising or Misc Expense.
Critter
Level 15

Can I write off senior discounts if I offer them to my customers?

Yes, depending on your accounting methods, if it is easier to report the full price then take off the discount as an expense of some kind then that is allowed.
Opus 17
Level 15

Can I write off senior discounts if I offer them to my customers?

No.  You simply have less income to report and pay taxes on because you are selling at a lower price.  It's not an additional deduction or expense.  Just less income.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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