How To Figure Waste Food Costs For Taxes...

Business By sfandm Updated 15 Apr 2013 , 1:58pm by jason_kraft

sfandm Posted 15 Apr 2013 , 1:10pm
post #1 of 2

I have kept a monthly waste sheet of items thrown away that I did not sell, and need some help on figuring out how to do them on my taxes?

 

Any takers, your help is appreciated.

 

Thanks in advance

1 reply
jason_kraft Posted 15 Apr 2013 , 1:58pm
post #2 of 2

A

Original message sent by sfandm

I have kept a monthly waste sheet of items thrown away that I did not sell, and need some help on figuring out how to do them on my taxes?

You don't need to do anything about wasted items. You did not make any income from those items so there is no additional tax due, and the costs were already deducted once (when you purchased the ingredients) so you can't deduct the finished goods again.

You may be able to take a charitable deduction on the market value of food that doesn't sell if you donate it to a recognized charity.

Quote by @%username% on %date%

%body%