youknowwhoat704
New member
- Feb 24, 2009
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If you own a retail business, and you offer your customers $5.00 discount coupons or a % off discount sale, do you apply each $5 discount or % discount transaction as a sales/distribution tax deduction? If so, is there a limit to the dollar amount or a limit to amount of transactions? I'm having a hard time searching for this info at irs.gov.
The business is fuel oil delivery for heating homes, cooking, hot water. So do I have to inventory all of the fuel oil. So if I purchase it at (for example) $1 per gallon. Sell it at $2 per gallon. A customer buys 50 gallons at $100 - $5 coupon =$95 sale price. Are you saying I must deduct from the inventory instead of from the $100?
Yes it is a cash business.
The business is fuel oil delivery for heating homes, cooking, hot water. So do I have to inventory all of the fuel oil. So if I purchase it at (for example) $1 per gallon. Sell it at $2 per gallon. A customer buys 50 gallons at $100 - $5 coupon =$95 sale price. Are you saying I must deduct from the inventory instead of from the $100?
Yes it is a cash business.