I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?
I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?
No, you write off the cost of the book. But, you do it by simply reducing your inventory for the booklets you gave away. That is, your deduction is already included in cost of goods sold. You do not take an additional deduction for it.
I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?
No, you write off the cost of the book. But, you do it by simply reducing your inventory for the booklets you gave away. That is, your deduction is already included in cost of goods sold. You do not take an additional deduction for it.
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