How do you guys account for your promotional items for tax purposes. Example i want to take a cookie bouquet to my dentist. I am already deducting cost of supplies. So can i deduct my time. I did not think i could deduct the total I would normally charge, because then I would deducting ingredients twice. Hope this makes sense. Thanks for the help.
It would probably fall under advertising expenses. However, you cannot deduct the cost of supplies and then your time as a separate expense.
Are you giving the bouquet to your dentist or your dentist office? - if you give it to your dentist, it may be considered a business gift and there is a limit of $25 per year.
Just to be sure, you should follow up with a tax accountant or the IRS.