Form 1065: Can I use “discounts” provided to clients as a tax deduction?

Published October 25, 2010

Question by Random: Form 1065: Can I use “discounts” provided to clients as a tax deduction?
I am using Turbo Tax Business to do my California LLC taxes and it has a field for “discounts” given to customers for other deductions. We provided consulting services and a discounted rate was provided to a few customers. The amount is noted on every invoice.

The “gross receipts and sales” amount, I entered into the first line is esentially the amount; I’ve collected from them (so the full cost minus the discount given).

Can I still deduct it as an “Other Deduction”?

Best answer:

Answer by Inlove
yes

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