I'm a Realtor who moonlights as a hobby brewer. Lately I've been brewing beer for client parties, prizes, closing gifts, etc. I give away probably 80% of what I brew, and it helps me keep in front of my clients. Since I started doing this, I've seen a significant increase in business and referrals.
I am curious if I can deduct some or all of my brewing-related expenses since I am "making" a gift for clients. I'm at a point where I need some equipment to keep up with the volume I give away (larger kettle for bigger batches, kegerator that I plan to leave at client's new houses during their move-in weeks, etc). I brew at home and use a fair amount of natural gas and water, spend a fair amount on grain, hops, yeast, etc.)
Since I'm 1099'd, what can I write off against my taxable income from this hobby-turned-business booster?
Sun Mar 03, 2019 9:27 pm
InstantAdamD New Member
Cash: $ 1.20
Posts: 6
Joined: 25 Apr 2015
I would say it would be a marketing cost that you could write off.
Then if you file your taxes yourself I found this cool site that can get you an advance on your tax refund for people who file taxes themself... https://taxrefundloans.org if you need your refund back quicker sometimes.
Sat Jun 27, 2020 12:59 pm
Deen888 Preferred Member
Cash: $ 24.20
Posts: 116
Joined: 14 Feb 2018
Location: Los Angeles
It is hard to say for sure, I would even hire a tax consultant for this purpose. For now, you can check the latest info about Tax Preparation in 2021 , there is hardly an entrepreneur who can allow ignoring it. I am sure it is not to late to check it yet, February is a good period for arranging your taxes.
