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New Member
posted Jun 5, 2019 3:28:18 PM

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

0 6 2977
6 Replies
Level 15
Jun 5, 2019 3:28:20 PM

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

Level 15
Jun 5, 2019 3:28:21 PM

No you don't write them off ... you will just have less income to report.

New Member
Jun 5, 2019 3:28:22 PM

Thanks. I will pay for it then.

Level 15
Jun 5, 2019 3:28:24 PM

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.

Level 15
Jun 5, 2019 3:28:25 PM

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.

Level 15
Jun 5, 2019 3:28:26 PM

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.