Wren@lemmy.todayM to Brand New Sentence@lemmy.todayEnglish · 11 days agoDropping an explosive diarrhea bomb on a local old folks homelemmy.todayimagemessage-square28linkfedilinkarrow-up1355arrow-down19
arrow-up1346arrow-down1imageDropping an explosive diarrhea bomb on a local old folks homelemmy.todayWren@lemmy.todayM to Brand New Sentence@lemmy.todayEnglish · 11 days agomessage-square28linkfedilink
minus-squarelemmyman@lemmy.worldlinkfedilinkEnglisharrow-up2·10 days agoAs a tax junkie: no. The “write off” is whatever amount they paid for it. Sell product = have revenue that (hopefully) exceeds that amount and produces a profit Trash product: no revenue, still have the expense Donate product: no revenu, still have the expense. That’s it, it’s really that simple, and it really is identical to trash it or donate it, as far as taxes are concerned.
minus-squarepiconaut@lemmy.calinkfedilinkEnglisharrow-up2·10 days agoThanks for the info. I believe individuals are allowed a deduction for charitable donations so I was thinking that business may have something similar.
minus-squareMonkderVierte@lemmy.ziplinkfedilinkEnglisharrow-up1·10 days agoTrash also has the expense of trashing it.
minus-squarelemmyman@lemmy.worldlinkfedilinkEnglisharrow-up1arrow-down1·10 days agoOr if it really is less expensive to get rid of it this way, then it will increase their profit which has the opposite effect from a “write off”
minus-squarecrypt0cler1c@infosec.publinkfedilinkEnglisharrow-up2arrow-down1·10 days agoAre you being serious mate? Giving away the lettuce instead of selling it for profit will increase their profits m8???
minus-squarelemmyman@lemmy.worldlinkfedilinkEnglisharrow-up5arrow-down1·10 days agoNo. If giving it away is cheaper than disposing of it, then the profit when giving it away will be higher than when disposing of it. Of course if they sell it (which is a third case) they will have higher profits.
As a tax junkie: no.
The “write off” is whatever amount they paid for it.
Sell product = have revenue that (hopefully) exceeds that amount and produces a profit
Trash product: no revenue, still have the expense
Donate product: no revenu, still have the expense.
That’s it, it’s really that simple, and it really is identical to trash it or donate it, as far as taxes are concerned.
Thanks for the info. I believe individuals are allowed a deduction for charitable donations so I was thinking that business may have something similar.
Trash also has the expense of trashing it.
Or if it really is less expensive to get rid of it this way, then it will increase their profit which has the opposite effect from a “write off”
Are you being serious mate? Giving away the lettuce instead of selling it for profit will increase their profits m8???
No. If giving it away is cheaper than disposing of it, then the profit when giving it away will be higher than when disposing of it.
Of course if they sell it (which is a third case) they will have higher profits.