Greetings all. My name is Jason and I live in N.E. Florida, I'm in a dreaming / very beginning stages of opening a craft brewery. Aside from introducing myself I would like to pose my first question to the group. After forming my company will I be able to take a tax write off for beer tasting at other craft brewery's? Thx for your help!
Seems like an internet beer forum might not be the best place to get a solid answer on something involving important financial decisions. Maybe an accountants' forum??
That's a question best answered by the accountant you need to hire to advise you on book keeping, taxes, etc. But there's no rush on getting an answer as you can wait for that until after you have finished writing your business plan and have had it vetted by the lawyer you hire to review it for you.
Thank you all for your speedy replies, I am going to enjoy chatting about beer! Yes I have an accountant on the inside already, but she is such a downer. I can already hear a resounding NO! As far as a business plan goes that's coming along as planned, but I was going to take a break and head to the local tap house.. That's when I started dreaming about Uncle Sam helping maybe helping out on the tab. One more question way off topic. How do I change my avitar picture? I've been trying to figure it out and I'm sure it can't be that hard.
I'd be more concerned with getting all your licenses and your kit and having it inspected, securing your suppliers and the 9000 other steps along the road before popping into a pub for a tax free beer. Avatar issue is easy top right of the page should have your log in name (clicking brings a drop down panel) and hit "Avatar"
I would agree with the majority on this. Tax write offs for tasting beer is one of your last concerns.
You pay all your expenses with the business credit card or you reimburse yourself your expenses with a company check. It is not a write off it is simply a business expense. Now all you need to do is figure out how to brew some beer and get people to buy it.
Paying expenses with a company credit card and then reimbursing yourself for those expenses isn't going to fly. Reimbursing yourself for expenses paid out of your personal account is allowable. It was sound advice.
As others have written, I'd suggest you pay for your own beer and concentrate on getting your brewery running. When it's successful and turning a profit, then you can be like Jim Koch and drink beer for a living. And there's a good reason your accountant is a downer. Because you would rather get the advice of anonymous beer enthusiasts on the internet than trust someone who keeps books and prepares taxes for a living.
Exactly. Then make enough so you can taste as much beer as you want, regardless of whether it is a writeoff or not.
