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jimmudge
Member
Joined: 21 Jun 2008
Posts: 25
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# Posted: 5 Jul 2008 13:45
Does anyone have any idea how taxes would be figured on rebates for a S corporation. I am deducting all my ad pack purchases as advertising expense but what do I do with the rebates. If my rebates equal my purchases do they just offset? What about the additional 25%
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Jim in Atlanta
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iggyigette
Member
Joined: 27 May 2008
Posts: 482
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# Posted: 5 Jul 2008 14:00
I am not a tax expert but you will get a 1099 from ASD for the amount that you actually Cash Out (money in your pocket). If you signed up under your corporate name then then the 1099 will go to your Corporation in which the Loss or Profit will flow through a K-1 to your offset your income tax.
Again I am not a tax expert so check with your tax guy but this is how it is done with the several corporations I am with
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alasycia
Member
Joined: 4 May 2008
Posts: 289
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# Posted: 5 Jul 2008 14:13
Ditto. Everyone's tax situation is different.
If you are a member in your business name - the normal tax rules about profit and expenses will apply. this will be one for your accountant. He will be able to tell you what you set off as expenses against the profit. and you will probably pay some tax on your net earnings from it - unless you can show a loss! LOL
Jenny
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