User talk:OR Taxman
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My fax # is (832) 203-5430
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Your Question
I just saw your edit on my talk page and noticed that I had never responded to your question! Sorry about that! User accounts can't be deleted or merged, only renamed. If you have other accounts here, you can just ignore them and move on. Does that answer your question?
Thanks!
P.S. Cute dog!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 18:19, 8 November 2007 (CST)
dedcucting charitable contributions as advertising expenses.
Hi, I noticed your post and would like your opinion. I am a veterinarian, sole proprietor, filing a schedule c, and I declare income when it is paid, not when I provide the service or product. I will provide products and services at 50% or more off of my usual fees to people who bring in stray animals and non profit rescue groups that adopt animals out. I also donate certificates for free exams to various school auctions, etc. I contacted the IRS 2 years ago to see if I could deduct the difference from my usual prices and the greatly reduced fees ( or no fees) I receive as a charitable deduction. The IRS agent said no, but he suggested that, since I do this to try to bring in more business, I deduct it on the schedule C as an advertising expense. He said that way I would not have to pay self employment tax on it, among other benefits. Sounded great to me, so I did that the last 2 years, but in 2007 I performed a lot more of these procedures, and am worried because this would greatly increase the advertising expense I report.
Is this a proper way to deduct the differnce.
I noticed your post alluded to the same sort of situation.
Thank you, and feel free to e-mail me your response, in addition to posting it.
Sincerley,
Ray Geisman
ray@geisman.com
Discussion:Charitable Gift Annuity - brokerage reported stock sales to TP
Kevin's position seems ridiculous. If the charity had the authority to effect a transaction in your client's account there had to have been a completed transfer. I would suggest you report the sale as a nominee with no gain or loss and keep adequate documentation for your files. Dennis 14:25, 29 March 2008 (CDT)Dennis
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