Can i deduct discounts

This way, you can record the discount provided by the vendor. To learn more about vendor credits, you can check this article: Manage vendor credits. Since the option you're looking for is not available, I encourage you to send feedback directly to our product engineers for future updates. They place a lot of value in the ideas provided by users, like yourself, when deciding on how best to improve QuickBooks. If you need further assistance with the steps for vendor credit process, I recommend calling our QuickBooks Online Support Team.

They have additional tools to pull up your account and do a screen share. Please know that you're always welcome to post again if you have any other concerns. We're always here to help you out. Have a good one. Is there a way to enter the discount amount when entering the bill other than setting up the terms to default to all invoices? Once done, the negative amount will be subtracted to the total amount of the Bill.

I also suggest sending the same message to our product developers through feedback. This will be received and will be considered by them for future updates. Just click the Gear icon the choose Feedback. This was over a year ago. I suggest everyone submit feedback via the Gear icon in QBO to push the development of this much-needed feature. At this moment, the suggestions my colleagues gave above are the available options.

I'll do my part and send your product suggestion to our engineers. To learn more about the latest updates and developments to QuickBooks, you can visit our blog site. I'll make sure to update this thread too once there's progress with your request, Go Get Geek. Let me know if there's anything else you need or you have other QBO questions. I'm always here to help. What an oversight to not have this option easily available when you open the Bill Payment window.

You allow us to enter terms for all the invoices from vendors, why do we have these terms if they aren't used to apply early payment discounts? We understand how important for you to have an automated feature for the discounts. However, this is only applicable for the sales transactions. The suggestion above to enter the discounts manually to your bills is currently our only option.

Refer to Topic No. Points are allowed to be deducted ratably over the life of the loan or in the year that they were paid. You can deduct the points in full in the year you pay them, if you meet all the following requirements:.

You can also fully deduct in the year paid points paid on a loan to improve your main home if you meet tests one through six above. Points that don't meet these requirements may be deducted ratably over the life of the loan. You can deduct points paid for refinancing generally only over the life of the new mortgage. However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first six requirements stated above, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds.

You can deduct the rest of the points over the life of the loan. Points charged for specific services, such as preparation costs for a mortgage note, appraisal fees, or notary fees aren't interest and can't be deducted. So you can say this would a marketing expense or no? No, according to the IRS. So would it be better to charge them, then turn around and donate it to a business or organization?

Can I also donation my income to my organization? Level You can't deduct income you never received. You will just have less income to be taxed on. You take the loss by still deducting all your expenses but not your time or labor. Unless you entered the full amount before the discount as income, then you can deduct the discount under Advertising or Misc Expense. Thank you. Privacy Settings.