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CAN i DEDUCT DISCOUNTS I GIVE MY CLIENTS AND MEAL ADJUSTMENTS

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CAN i DEDUCT DISCOUNTS I GIVE MY CLIENTS AND MEAL ADJUSTMENTS ON MY TAX RETURN, IM A RESTAURANT OWNER
Submitted: 2 years ago.
Category: Finance
Expert:  annelew12554 replied 2 years ago.
HII'm Anne. I've been preparing taxes for 27 years and I'll be helping you today. You may not deduct these discounts from your income because you did not receive the money. However, you WILL include the cost of the food in "cost of goods sold" Please see below:https://answers.yahoo.com/question/index?qid=20100511120502AA8EjD7If you have any questions, please post them here and I'll be notified. If this has answered your question,please take the extra minute to rate positive ( by clicking on thesmiley faces or stars) so that I will be given credit for working with you today. It is only through positive ratings that we are compensated for our time and knowledge Thank you for choosing justanswer.
Expert:  annelew12554 replied 2 years ago.
I apologize. Somehow my answer to your question got posted under "Information Request", which means that you couldn't rate my answer, which is the only way we are compensated for our time and knowledge.
Please forgive that error. You may rate from this posting.
If this has answered your question, please take the extra minute to rate positive ( by clicking on the smiley faces or stars) so that I will be given credit for working with you today.
It is only through positive ratings that we are compensated for our time and knowledge
Thank you for choosing justanswer.
Thank you for choosing justanswer.