A Quick Guide to Tax and Deductions for the Wine Professional

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Christopher Stadler — Sun, 10 Dec 2017 17:55:27 GMT

Looks like the new tax bill will drastically affect our profession as both houses are trying to remove almost all of the Miscellaneous Itemized Deductions.

As I understand it, all of the following are highly likely to be eliminated as deductible items: work-related travel, transportation, meal, and entertainment expenses; dues to professional societies; education (work-related); home office expenses; subscriptions to professional journals and trade magazines related to your work; tools and supplies used in your work; work clothes and uniforms (if required and not suitable for everyday use).

The only way I see around this, granted I've put about 5 minutes of time thinking about it, is to incorporate ourselves and write it all off as a business expense. That leaves the issue of getting our employers to pay us as a business rather than individual - and that can't be an easy task.

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Alex Bardsley — Thu, 16 Mar 2017 20:04:11 GMT

How about subscriptions, e.g. to Decanter or JancisRobinson.com?

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Admin User — Tue, 31 Jan 2017 03:34:28 GMT

[mention:9357e857a6bd47549bb8dd829e5e7e73:e9ed411860ed4f2ba0265705b8793d05] not technically, although I know people who do deduct these things (and dry cleaning). As I understand it, you aren't supposed to deduct clothing unless its sole purpose is as a uniform for work.

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Ben Smith — Tue, 31 Jan 2017 01:38:30 GMT

Can suits/clothing be a tax deduction?

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Anonymous — Wed, 04 Jul 2012 15:23:13 GMT

Thank you for the very detailed and very helpful post!

RE: A Quick Guide to Tax and Deductions for the Wine Professional

MIGUEL OSTROWSKI — Tue, 03 Jul 2012 18:13:50 GMT

THANK YOU MATT VERY HELPFULL

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Lynne Bryant — Thu, 28 Jun 2012 01:10:25 GMT

I recently started my own company, and I was just thinking about tax implications and deductions; thanks so much for this great information!

RE: A Quick Guide to Tax and Deductions for the Wine Professional

shelly fitzgerald — Tue, 26 Jun 2012 01:24:49 GMT

Great information! Thank you!

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Margaux Kugelman — Tue, 19 Jun 2012 00:09:08 GMT

Truly helpful. Thank you for breaking it down as well offering up the attached pdf.

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Samuel Huerta — Thu, 14 Jun 2012 15:28:43 GMT

Helpful post....Much appreciated!

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Drew Larson — Mon, 11 Jun 2012 11:35:54 GMT

I'm headed to a small business accountant next week to discuss, among other things, this very topic. This will help me focus my questions which will speed up my appointment thus costing me less money. Thanks, again, for distributing great info.

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Admin User — Sun, 10 Jun 2012 01:52:38 GMT

Robert, I would check with an accountant....my intention with this is to give general guidelines, but I want to stay as far away from the tax advice business as possible! I will attach a short scan of some further information on taking business deductions for work-related education costs, however.

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Anonymous — Fri, 08 Jun 2012 13:43:14 GMT

Ha! So ironic you posted this. As a fresh out of the bag SOMM, I was already considering this avenue, and now, in plain terms, I better understand that consulting is tangible, and sort of the way of life. I do have a marketing sort of question though, as far as having a website, what would be some good info to put on there? And any recommendations on a company that would specialize in our field that would construct and maintain the site? And is it even relevant to have a site as a SOMM? Thanks!

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Ed Hodson — Thu, 07 Jun 2012 22:37:58 GMT

Nicely done and very helpful. Thank you!

RE: A Quick Guide to Tax and Deductions for the Wine Professional

Jimmy Hayes — Thu, 07 Jun 2012 16:34:22 GMT

Nice work, Matt!