Contractor Tax Form
December 20th, 2007
Question: Where can you deduct paid leave and employee discounts for goods on Sole proprietor tax form?
I own my business (sole proprietor) and know that you can deduct for employee and independent contractor discounts for services or goods, and in some cases paid leave or sick days. Where on the tax forms would I file those?
Answer: If you are cash basis, then discounts are a matter of not receiving payment. There is not a place for this on your tax return (Schedule C). It is similar with paid leave and sick days. That is already including in the category of "Wages" on line 26 of Schedule C.
To be blunt, your question shows that you don't know what you claim to know. I highly recommend that you meet with a real tax advisor (CPA or EA) to see what else you may be missing.
I hope this helps.
Gary
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