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coast of Maine | When you do a schedule F or If you are s corp a 1120-s,just attach a summary of the categories that you then include in the total of other expense.Such as ;;see attachment#1 on the line just before the dollar figure total,,this is best.It is a need for the race car dude to have your logo or such on his rigging.Perhaps "XYZ farms car,, driven by Low Dirt"announced to the crowd will do.Advertising/promotion is a category that you need if in the retail biz.Completely legal and justified.A large bank card co. used to have headquarters near here.They had snomobiles/cabins/boats/bowling alley etc ,that were used by employees,wellness was the reason.When in an on sight audit years ago ,,I and the auditor had quite a conference on this .It was obviously a business expense.There is no reason you should not have a wellness program for your employees.If you are an s-corp you could be an employee of your farms corp.,,that paid for the wellness devices....Low Dirt might even want to be using your wellness devices so that would be another benefit for him,,,hehehhe | |
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Tax experts- where on Schedule F do I deduct race car sponsorships?
