referral fees deduction?

[David Love]

Why would you not include that as an expense???  Any fees or commissions
that  you pay out to an individual can be deducted and may be placed in any
of several Schedule C categories, the most likely one being, "Commissions"
or "Professional fees and Services".  A 1099 should be issued to anyone
receiving more than $600. per calendar year.  You may be able to file an
amended tax return for those years and get a refund for overpayment of
taxes.  Depending on your bracket and considering self employment taxes,
that could be a significant amount.  You may want to check on the 1099
issue, however.  Check with your accountant.

David Love
davidlovepianos@earthlink.net


> [Original Message]
> From: pianolover 88 <pianolover88@hotmail.com>
> To: <PIANOTECH@PTG.ORG>
> Date: 1/28/2004 9:11:09 PM
> Subject: referral fees deduction?
>
> Has anyone on the list deducted, as a business expense, referral fees
paid 
> out for a given calender year? I was wondering, because since 2000, I've 
> paid out a fairly significant sum, but had not included it as part of my 
> business expenses. Maybe that's what the Miscellaneous category is for? 
> Thanks!
>
>
> Terry Peterson
>
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