Waste and tax deductions? Who pays for it?


#1

Deduction for Food Waste. … The business gains the tax deduction as soon as it incurs the expense, regardless of whether the food is sold to a customer or tossed into a dumpster. Because the deduction reduces the business’ taxable income, the total savings depends on at what rate the business is taxed.


#2

If an item is SOLD to a customer it can NOT be legally deducted as an expense only when it is sold at a reduced rate .


#3

On sale or tossed away why should the tax payer reward poor judgment ?


#4

That amount of waste is just sad. If they have that much left over they could alert local charities and soup kitchens to come and get it. Charities could cook and freeze meals for so many people. Even if they donated it they could still get a tax deduction.


#5

With certain types of businesses it is common and expected to have waste like bakeries . Most will donate to soup kitchens and charities .


#6

Waste not want not unless you are Wal Mart and filthy rich !